A new crop of biotech IPO hopefuls has filed to reap a combined $175 million, looking to bankroll efforts in oncology, pain and rare diseases with offerings on an up-and-down market.
Ireland's Innocoll is planning to move 5.4 million shares at between $13 and $15 each, bringing in $75 million at the expected midpoint. With the proceeds, the company plans to fund the development of bioresorbable collagen products, led by the Phase III-ready XaraColl, an implantable treatment for postoperative pain. Behind that is Cogenzia, a Phase II collagen sponge for diabetic foot ulcer infections, and CollaGuard, a collagen film that will go through the FDA's medical device approval process.
Seattle's Immune Design is queuing up for a $60 million raise, offering 4.7 million shares and expecting to get between $12 and $14 for each. As its name would suggest, the biotech is developing treatments that harness the power of the immune system to fight cancer. Immune Design has three Phase I candidates on its roster, all developed using platforms that create tumor-specific cytotoxic T cells. There's LV305, under investigation in 5 tumor types; G100, being developed for Merkel cell carcinoma; and CMB305, a combination of LV305 and the immunotherapy G305 that Immune Design believes may be its most promising asset.
Finally, Israel's Bio Blast Pharma is offering 3.3 million shares with a price range of $12 to $13, hoping to bring in $40 million to support its development of treatments for rare and ultrarare genetic diseases. The biotech's lead candidate, cabaletta, is in Phase II/III development for oculopharyngeal muscular dystrophy and Phase II studies for Machado-Joseph disease and Kennedy's disease. Beyond that, Bio Blast has programs in Friedrich's ataxia, ornithine transcarbamylase deficiency and spinal muscular atrophy, all rare diseases.
Meanwhile, after a record-setting first quarter brought in $2.1 billion in biotech IPOs, drug developers have had a rough go on Wall Street in recent weeks. Last month, antibody specialist Ambrx pulled the plug on an $86 million offering due to unfavorable market conditions, and Syndax Pharmaceuticals, Minerva Neurosciences and GlobeImmune failed to pull off planned offerings that would have totaled nearly $400 million.
Now, another 6 life sciences outfits are lining up to go public this week, led by Sage Therapeutics and its filing for $60 million. If all are successful, they'll bring in nearly $300 million, getting the third quarter out to a promising start.
- here's Innocoll's filing
- read Immune Design's S-1
- and Bio Blast's note