There have been 8 IPOs in the healthcare sector so far this month in the U.S. stock market.
Listed below are the healthcare companies that are going public this week.
1. Codiak BioSciences
Codiak BioSciences, founded in 2015, is a clinical-stage biopharmaceutical company developing exosome-based therapeutics for oncology and neurology indications.
The Cambridge, Massachusetts-based company plans to list its stock on the Nasdaq Global Select Market under the symbol “CDAK” on October 14, 2020.
The company has offered to sell 5.5 million shares in the offering – with the initial public offering price expected to be between $14.00 and $16.00 per share. The underwriters have a 30-day option period to purchase up to 825 thousand additional shares.
Underwriters:
Goldman Sachs & Co. LLC, Evercore Group L.L.C., William Blair & Company, L.L.C, Wedbush Securities Inc.
Pipeline and Near-term Catalysts:
Codiak’s product candidates are based on its proprietary engEx Platform.
–The company’s lead program is exoSTING for the treatment of solid tumors, under phase 1/2 clinical trial, with preliminary efficacy data of this trial is expected by mid-2021.
–exoIL-12 for the treatment of early stage cutaneous T cell lymphoma is under phase I trial. Results from the single ascending dose portion of the phase I clinical trial of exoIL-12 in healthy volunteers are expected by year-end 2020. The safety, biomarker and preliminary efficacy results from the repeat dose portion of the phase I clinical trial in CTCL patients of exoIL-12 are anticipated by mid-2021.
— exoASO-STAT6, a preclinical compound, with a potential to treat hepatocellular carcinoma, pancreatic ductal adenocarcinoma, colorectal carcinoma, lung adenocarcinoma, uveal melanoma, glioma, thyroid cancer and ovarian cancer.
Collaborations
Codiak has strategic collaborations with Jazz Pharmaceuticals Ireland Limited, and Sarepta Therapeutics, Inc., to initiate new programs and bolster its engEx Platform.
2. Spinal Elements Holdings, Inc.
Carlsbad, California-based Spinal Elements is a revenue-generating medical device company developing minimally invasive surgery devices and instruments for spine surgery procedures.
Spinal Elements is scheduled to list its stock on the Nasdaq Global Select Market, under the symbol “SPEL”, on October 15, 2020.
The company has offered to sell 7.7 million shares in the offering – with the initial public offering price expected to be between $13.00 and $15.00 per share. The underwriters have a 30-day option period to purchase up to 1.155 million additional shares.
Underwriters of the IPO:
Credit Suisse Securities (USA) LLC, Robert W. Baird & Co. Incorporated, Stifel, Nicolaus & Company, Inc, Truist Securities, Inc, BTIG, LLC, Siebert Williams Shank & Co., LLC
Financial Numbers:
For the six months ended June 30, 2020, the company’s net loss narrowed to $26.2 million or $3.82 per share from $29.5 million or $4.30 per share in the same period last year.
Total revenues for the period were $42.7 million, down from $46.1 million in the year-ago period.
3. Praxis Precision Medicines
Cambridge, Massachusetts-based Praxis Precision Medicines is a clinical-stage biopharmaceutical company developing therapies for broad psychiatric-related and rare diseases of the central nervous system, or CNS, disorders characterized by neuronal imbalances.
Praxis Precision Medicines is scheduled to list its stock on the Nasdaq Global Select Market, under the symbol “PRAX”, on October 16, 2020.
The company has offered to sell 7.4 million shares in the offering – with the initial public offering price expected to be between $16.00 and $18.00 per share. The underwriters have a 30-day option period to purchase up to 1.11 million additional shares.
Underwriters of the IPO:
Cowen and Company, LLC, Evercore Group L.L.C., Piper Sandler & Co., Wedbush Securities Inc., Blackstone Securities Partners L.P.
Pipeline:
–The company’s lead candidate is PRAX-114, which is in phase II development for the treatment of major depressive disorder, or MDD, and perimenopausal depression, as both a monotherapy and adjunctive therapy for both the acute and maintenance setting in the U.S. and Australia.
— Up next is PRAX-944, currently in phase IIa proof-of-concept open-label trial in Essential Tremor, or ET patients.
–The company’s most advanced rare disease candidate is PRAX-562 for the treatment of adult cephalgia and for rare pediatric Development and Epileptic Encephalopathies, or DEEs. A phase I trial of this compound in adult healthy volunteers in Australia is underway.
— In addition, there is one preclinical program PRAX-222 and one disclosed discovery program in development for severe genetic epilepsies.
Near-term Catalysts:
–A phase II/III trial for PRAX-114 for the treatment of MDD is expected to be initiated in the United States and Australia in the fourth quarter of 2020, with topline data anticipated in the second half of 2021.
— Top line data from phase IIa trial for PRAX-114 in Australia for the treatment of PMD is expected in the second half of 2021.
–Top line data from phase IIa trial for PRAX-944 for patients with ET is expected in the first half of 2021.
— Topline safety data from Phase I single ascending dose, or SAD, trial of PRAX-562 in adult healthy volunteers in Australia is expected in the fourth quarter of 2020.
4. Kiromic Biopharma
Houston, Texas-based Kiromic Biopharma is a target discovery and gene-editing company utilizing artificial intelligence for developing immuno-oncology therapies for the treatment of solid tumors and blood cancers. The proprietary target discovery platform used to identify new cancer immunological targets for T cells and B cells is known as “Diamond.”
The company is scheduled to list its common stock on the Nasdaq Global Market under the symbol “KRBP” on October 16, 2020.
Kiromic Biopharma has offered to sell 1.15 million shares in the offering. The initial public offering price is expected to be between $12.00 and $14.00 per share.
The company has granted the underwriters an option for 45 days to purchase up to 173 thousand additional shares.
Pipeline & Near-term Catalysts:
–ALEXIS Iso Mesothelin, an allogenic CAR cell product candidate, which is under preclinical testing, for stage III to stage IV platinum resistant epithelial ovarian cancer. An IND seeking FDA clearance for a phase I trial of this compound in epithelial ovarian cancer is expected to be submitted this quarter.
–ALEXIS Iso Mesothelin MPM, an allogenic effector cell product candidate, under preclinical testing for malignant pleural mesothelioma. An IND for a phase I trial of this compound is expected to be submitted to the FDA in 2021.
–ALEXIS AIDT-1, an allogenic CAR cell product candidate targeting AIDT-1, which is currently undergoing pre-IND studies, for relapsed hematologic malignancies. The submission of IND, seeking FDA clearance for a phase I trial in diffuse large B cell lymphoma is scheduled for 2022.
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