A North Texas biotech with AI at its core is now a public company. Caris Life Sciences, founded in 2008 and headquartered in Irving, made its Nasdaq debut Wednesday under the ticker CAI, raising $494 million in its initial public offering.
Shares priced at $21 and opened at $27, according to Reuters, with the debut performance bringing the market capitalization to around $7.66 billion.
The listing has also minted a new billionaire. Founder and CEO David Halbert now worth an estimated $3.3 billion, Forbes reports.
Caris, launched by Halbert after his mother’s battle with cancer, applies artificial intelligence to tissue- and blood-based molecular profiling for cancer diagnosis and therapy selection.
The Irving, Texas headquartered company has processed more than 6.5 million tests, raised over $1.86 billion since 2018, and recently opened a $45 million liquid biopsy lab in Phoenix to expand its Caris Assure platform.
As Dallas Innovates reported earlier this month, the IPO was led by BofA Securities, J.P. Morgan, Goldman Sachs, and Citigroup.
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R E A D N E X T
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With $1.86 billion raised since 2018 and recent product launches, the North Texas life science company founded in 2008 is preparing for a public debut on the Nasdaq Global Select Market, following a $168 million growth capital round in April.
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The Irving-based leader in precision oncology—which has raised $1.86 billion since 2018—plans to raise as much as $423.5 million when it goes public on the Nasdaq Global Select Market under the ticker symbol CAI.
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At Bisnow's Future of DFW Life Sciences Summit, Davis predicted a "snowball effect" of success in the next three to ten years as the life sciences industry grows. Davis has today's "Last Word."
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With the new funding, Caris said it has raised $1.86 billion in capital since 2018. Caris will use the raise to bring its science and technologies "to as many patients as possible and further our goal of revolutionizing precision medicine," Founder and CEO David Halbert said.
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The southern half of Dallas County is home to just over 1.05 million residents. That’s about 40% of the total number of people who call Dallas County home—and roughly 200,000 more than the entire population of San Francisco. Coupled with the fact that Dallas-Fort Worth is emerging as a top life science market, as documented in a 2023 CBRE report, you can see why the DeSoto Development Corp. is including an 80-acre Life Sciences Innovation Core among its major projects. “In terms of economic development, research shows that it’s more effective when it happens regionally,” says Matt Carlson, DDC's chief…
