Cambridge, Massachusetts-based Neon Therapeutics is launching an initial public offering (IPO) of 6,250,000 shares of common stock at a price offering of $16 per share.
Cambridge, Massachusetts-based Neon Therapeutics is launching an initial public offering (IPO) of 6,250,000 shares of common stock at a price offering of $16 per share. It is also granting the underwriters a 30-day option to buy up to 937,500 more share at the initial public offering price. It is expected to begin trading on June 27 on The Nasdaq Global Select Market under the ticker symbol NTGN.
Neon was founded in 2015 by Third Rock Ventures with the intention of leveraging neoantigen biology, a new aspect of immuno-oncology therapeutics. Neoantigens are immune targets generated by mutations inherent in tumors. That makes them inherently tumor-specific and are thought to be far more immunogenic than tumor-associated antigen targets. In October 2015, the company had a $55 million Series A financing from Third Rock, Clal Biotechnology Industries and Access Industries.
On December 5, 2017, it completed a $106 million Series B crossover. It had announced a $70 million Series B in January 2018 and added an additional $36 million extension. Proceeds were to support clinical development of its lead product candidate, NEO-PV-01. It also supported preclinical development of NEO-PTC-01 and NEON-SELECT approach focusing on shared neoantigen targets.
The Series B including participation from existing investors and new investors. Participants included Fidelity Management & Research Company, Partner Fund Management, Access Industries, Wellington Management, Pharmstandard International, Arrowmark Partners, Nextech Invest, Hillhouse Capital Group and Casdin Capital.
In October 31, 2017, it extended a research collaboration with Vedantra Pharmaceuticals. The two companies had an original deal to combine Vedantra’s lymph node targeting amphiphile technology with Neon’s neoantigen vaccine research. The goal is to develop novel cancer vaccine immunotherapies that create immune response against neoantigens.
And in the same month, the company entered into a license deal with the Netherlands Cancer Institute (NCI) related to NEO-PTC-01.
On May 8, the company treated the first patient in a clinical trial evaluating its personal neoantigen vaccine, NEO-PV-01, in combination with Merck’s Keytruda (pembrolizumab), along with chemotherapy.
The Phase Ib clinical trial is designed to evaluate the safety, tolerability and initial efficacy of NEO-PV-01 in combination with Keytruda and chemotherapy made up of pemetrexed and carboplatin in patients with untreated or advanced metastatic nonsquamous non-small cell lung cancer (NSCLC). It will also evaluate neoantigen-specific immune responses in peripheral blood and tumor tissue, as well as other markets of immune response. It is expected to enroll 15 patients, with the possibility of expanding.
Patients enrolled will undergo an initial biopsy and receive treatment with chemotherapy and Keytruda. Neon then will create a personal vaccine for each patient based on an analysis of the patient’s tumor neoantigen mutations. At week 12, the patients will receive NEO-PV-01 while continuing Keytruda therapy.
“Treating our first patient in this clinical study marks an important milestone for Neon,” said Richard Gaynor, president of research and development at Neon Therapeutics, in a statement. “We see a strong mechanistic rationale to explore the combination and sequence of a personal neoantigen cancer vaccine, anti-PD-1 therapy and chemotherapy. These data will help us understand the potential of NEO-PV-01 to improve durability and response rates of patients treated in combination with existing immuno-oncology drugs.”
