Although 2018 marked a record year for biopharma initial public offerings (IPO), 2019 has had a number of IPOs so far as well. Here’s a look at four recent IPO filings—and $86 million appears to be the magic number.
Although 2018 marked a record year for biopharma initial public offerings (IPO), 2019 has had a number of IPOs so far as well. Here’s a look at four recent IPO filings—and $86 million appears to be the magic number.
Milestone Pharmaceuticals Files for $86 Million IPO
Milestone Pharmaceuticals, with offices in Montreal, Quebec and Charlotte, NC, filed a preliminary prospectus with the U.S. Securities and Exchange Commission (SEC) to launch an IPO to raise $86 million. The company plans to trade on the Nasdaq under the symbol “MIST.”
In October 2018, the company announced it had completed an $80 million private financing. New investors included RTW Investment, who led the round, Venrock Healthcare Capital Partners, and Boxer Capital of Tavistock Group. Existing investors included Novo Holdings A/S, Forbion, funds managed by Tekla Capital Management, Domain Associates, BDC Capital, Pappas Capital, GO Capital, and Fondes de solidarite FTQ.
The company’s single compound is etripamil, a short-acting calcium channel blocker in development as a nasal spray for paroxysmal supraventricular tachycardia (PSVT), a type of rapid heart rate. The company is currently recruiting patients for a pivotal Phase III clinical trial with topline data expected in the first half of 2020.
Applied Therapeutics Plans $86 Million IPO
Based in New York City, Applied Therapeutics has filed a preliminary prospectus with the SEC to trade on the Nasdaq under the ticker “APLT.” In October 2018, the company presented data on AT-007, its aldose reductase inhibitor, at the 2018 National Organization for Rare Disorders’ (NORD) Rare Diseases & Orphan Products Breakthrough Summit. The research was part of a research collaboration with Emory University School of Medicine to evaluate aldose reductase inhibitors associated with galactosemia complications, including galactitol.
Its lead compound is AT-001, an inhibitor of aldose reductase, which creates excess sorbitol when cells are under oxidative stress, such as during high blood sugar and ischemia, or restricted blood supply. The company expects to launch a pivotal Phase II/III clinical trial this year.
Cortexyme Files for $86 Million IPO
Headquartered in South San Francisco, Cortexyme filed with the SEC for an $86 million IPO. It plans to trade on the Nasdaq under the “CRTX” ticker symbols. The company is working in the high-risk area of Alzheimer’s disease and other neurodegenerative disorders.
In March, the company presented data at the 14th Annual Conference on Alzheimer’s & Parkinson’s Diseases in Lisbon, Portugal, describing work on its lead candidate, COR388. This is a first-in-class, oral virulence factor inhibitor of Porphyromonas gingivalis (P. gingivalis). P. gingivalis has been identified in the brains of more than 90 percent of Alzheimer’s patients and is believed to be a driver of Alzheimer’s pathology, including amyloid beta production, neuroinflammation, and neurodegeneration. The company plans to take the drug into a Phase II/III clinical trial in the second quarter of 2019.
NextCure Files for $86 Million IPO
NextCure, based in Beltsville, MD, filed with the SEC to raise $86 million in an IPO. They expect to trade under the “NXTC” ticker symbol. The company focuses on immunotherapies for cancer and immune-related diseases.
Its lead candidate is NC318, which targets an immunomodulatory receptor known as Siglec-15. It currently in a Phase I/II clinical trial in advanced/metastatic solid tumors.
In November 2018, the company raised $93 million in a Series B financing round. The round was led by Hillhouse Capital Management and Quan Capital, and included Bay City Capital, Surveyor Capital (a Citadel company), Ping An Ventures, Taiho Ventures, ArrowMark Partners and NS Investment. All existing investors participated, including Canaan Partners, Lilly Asia Ventures, OrbiMed Advisors, Pfizer, Sofinnova Ventures and Alexandria Venture Investments. Eli Lilly and Company also invested $15 million in the financing in conjunction with a discovery and development partnership announced on November 5, 2018.
