We are just days into the final quarter of the year. The number of healthcare firms that have gone public on the U.S. stock exchanges so far this month is 4.
Let’s take a look at the IPOs scheduled for Friday (Oct 9).
1. Kronos Bio Inc.
San Mateo, California-based Kronos Bio is a clinical-stage biopharmaceutical company developing novel cancer therapeutics.
Founded in 2017, the company plans to list its stock on the Nasdaq Global Select Market under the symbol “KRON” on October 9, 2020.
About 10.29 million shares of the company’s common stock will be sold in the offering, with the price expected to be between $16.00 and $18.00 per share. The underwriters have an option for 30 days to purchase up to 1.54 million additional shares.
Underwriters of the IPO:
Goldman Sachs & Co. LLC, Jefferies LLC, Cowen and Company, LLC Piper Sandler & Co.
Pipeline & Near-term Catalysts:
— The company’s lead candidate, Entospletinib (ENTO), acquired from Gilead Sciences, is an orally available inhibitor of spleen tyrosine kinase (Syk) for the treatment of acute myeloid leukemia (AML).
A registrational phase II/III clinical trial of Entospletinib in newly-diagnosed AML patients with NPM1 mutations is expected to be initiated in 2021, with data readout anticipated in 2023.
A phase I/II clinical trial of Entospletinib in patients with relapsed or refractory FLT3 mutated AML is also expected to be initiated in 2021, with topline data anticipated in 2022.
The second product candidate, KB-0742, is an orally bioavailable inhibitor of cyclin dependent kinase 9 (CDK9), for the treatment of MYC-amplified solid tumors.
An Investigational New Drug application, seeking clearance to advance KB-0742 into clinical trial is expected to be submitted to the FDA in the fourth quarter of 2020.
Initiation of a phase I/II clinical trial of KB-0742 in patients with advanced solid tumors is expected in 2021.
2. Shattuck Labs Inc.
Austin, Texas-based Shattuck Labs, Inc. is scheduled to go public on the Nasdaq Global Select Market under the symbol “STTK” on October 9, 2020.
Founded in 2016, Shattuck Labs is a clinical-stage biotechnology company developing dual-sided fusion proteins through its proprietary Agonist Redirected Checkpoint (ARC) platform for the treatment of cancer and autoimmune diseases.
The company has offered to sell 10.0 million shares of common stock in the offering, and the underwriters have a 30-day option to purchase up to 1.50 million additional shares. The IPO is expected to be priced between $14.00 and $16.00 per share.
Underwriters of the IPO:
Citigroup Global Markets Inc., Cowen and Company, LLC, Evercore Group L.L.C., Needham and Company, LLC
Pipeline & Near-term Catalysts:
— The lead wholly owned product candidate is SL-172154, a bi-functional fusion protein that targets CD47 on malignant cells and CD40 on immune cells (antigen presenting cells).
A phase I clinical trial of SL-172154 administered by intravenous injection in patients with ovarian, fallopian tube, and peritoneal cancers, referred to collectively as ovarian cancer is underway, with initial data expected in the second half of 2021.
A phase I clinical trial of SL-172154 administered by intratumoral injection in patients with cutaneous squamous cell carcinoma or head and neck squamous cell carcinoma is expected to be initiated this quarter, with data expected in the second half of 2022.
— Up next is SL-279252, which is in a phase I clinical trial in patients with advanced solid tumors and lymphoma. This compound is being developed in collaboration with Takeda Pharmaceuticals.
Data from the phase I trial of SL-279252 is expected in the second half of 2021.
3. Spruce Biosciences Inc.
Spruce Biosciences, founded in 2014, is a late-stage biopharmaceutical company developing novel therapies for rare endocrine disorders.
The Daly City, California-based company plans to list its stock on the Nasdaq Global Select Market under the symbol “SPRB” on October 9, 2020.
The company has offered to sell 5.0 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 750 thousand additional shares.
Underwriters:
Cowen and Company, LLC, SVB Leerink LLC, Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC
Pipeline & Near-term Catalysts:
The company’s lead product candidate, Tildacerfont, is a non-steroidal, oral antagonist of a protein called the CRF1 receptor, for classic congenital adrenal hyperplasia (CAH) and polycystic ovary syndrome (PCOS).
A phase IIb trial of Tildacerfont in adult patients with classic CAH with poor disease control, dubbed Study 203, is underway, with topline results expected in Q4,2021/Q1,2022.
A phase IIb trial of Tildacerfont in adult patients with classic CAH with good disease control, dubbed Study 204, is ongoing, with topline results from anticipated in the first half of 2022.
A phase II trial of Tildacerfont in pediatric patients with classic congenital adrenal hyperplasia is expected to be initiated in the second half of 2021.
An Investigational New Drug application to study Tildacerfont in females with a rare form of polycystic ovary syndrome is slated to be submitted to the FDA in the first half of 2021, with initiation of phase II proof-of-concept clinical trial expected in the second half of 2021.
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