Prenatal genomics company Identifai Genetics was scheduled to begin trading on the ASX on 13 October 2026 after an initial public offering raising $10 million, reportedly at 20 cents a share, for a market capitalisation of about $38.4 million at listing.
The company’s test, called Windrose, sequences the whole genome from a pregnant woman’s blood sample from around nine weeks of pregnancy, then uses AI to screen more than 280 clinically actionable genes for inherited conditions. That is a substantially broader screen than most prenatal blood tests on the market.
The gap in prenatal screening
Non-invasive prenatal tests, which analyse fetal DNA circulating in the mother’s blood, have been in clinical use for more than a decade. Most screen for a small number of chromosomal conditions such as Down syndrome.
A newer category of single gene tests goes further. BillionToOne’s Unity screens for 14 conditions, and Natera’s Fetal Focus covers 21 genes, according to the companies. Identifai is positioning Windrose as a significant step beyond both, by sequencing the whole genome from the same blood draw.
The early data
According to the company, interim work on 50 high risk pregnancies reported 100% overall accuracy. The sample is small, and the result has not yet been tested at scale. A 600 patient clinical validation trial in the US is expected to run until late 2027.
The team
Chief executive Eyal Miller leads the company. Its science comes from Professor Noam Shomron, head of the functional genomics team at Tel Aviv University, whose research behind the platform began in 2016.
Identifai’s technology was developed in Israel. Before the float, the company raised a US$3.3 million post-seed round in 2023 led by eHealth Ventures, Investors in Healthcare reported.
The float
The listing adds Identifai to a group of ASX listed diagnostics and medical technology companies that includes 4DMedical, Artrya and BlinkLab.
Small cap diagnostics stocks can be volatile, particularly before clinical validation results are published. This is general information, not financial advice.
Jack’s take
The 280 genes figure is the headline, but 50 is the number I’d watch. If the accuracy holds across hundreds and then thousands of pregnancies in the US trial, the incumbents have a real problem. Until then it’s early.