Adnexus outlines $86M IPO to advance adnectins

With its lead therapy poised to begin mid-stage trials early next year, Adnexus Therapeutics has filed papers with the SEC for an IPO designed to raise $86.3 million. The company is developing adnectins, which relies on a protein engineering system. Angiocept, its lead adnectin, has been in an early stage study to prevent the formation of blood vessels in tumors. And most of the money is hopes to raise on the market would fund that trial and other pipeline studies. Adnexus--which is in a partnership with Bristol-Myers Squibb, says that it lost $11.9 million in the first half of this year.

- see the release form Adnexus
- check out the AP report for more info

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Adnexus raises $15.5M. Report