OncoMed is moving on from tandem setbacks in its cancer pipeline now that the FDA has removed its final clinical hold on one of the company's oncology candidates, clearing it to resume enrollment in a Phase I study.
Shares of OncoMed Pharmaceuticals took a nasty tumble a couple of months ago when it hit the brakes on a pair of early-stage programs for two of its treatments after investigators noted trouble with some bone-related adverse events. Today, the biotech says it adjusted its protocols on vantictumab, a Wnt pathway inhibitor program, to the satisfaction of the FDA, which lifted its partial hold on the program.
Cancer biotech OncoMed Pharmaceuticals voluntarily halted dosing and enrollment in two early studies after patients experienced bone damage, sending its shares down roughly 20%.
Celgene helped seal its reputation as one of the boldest dealmakers in biotech today, putting up $177.25 million in an upfront fee and equity stake while committing to more than $3 billion in milestones to partner on a slate of cancer stem cell programs in development at OncoMed.
The company not only finally managed to make the IPO leap, it joined a select few which have priced their shares above the range, boosting their take and proving once again that the IPO door has swung wide open and the welcome mat is out--for now. The company sold 4.8 million shares at $17, above the $14 to $16 shares range laid out earlier. The offering raised $82 million.
Just how much of an appetite is there for biotech IPOs? The industry may well find out over the next 8 days, with 6 new offerings slated to roll out. And 5 of them are expected to fall in a two-day period in the middle of next week.
A year after scoring a $20 million milestone from Bayer, OncoMed Pharmaceuticals is preparing to see if it can generate enough excitement from investors for its cancer stem cell work to support a $115 million IPO.
Genomic Health and OncoMed Pharmaceuticals have an agreement to identify new biomarkers useful for future companion diagnostics that would go along with OncoMed's cancer drugs now in development.
Redwood City, CA-based OncoMed hit an important milestone in its ambitious collaboration deal with Bayer Schering, earning a $20 million payday after the developer gained FDA acceptance for an IND
Germany's Bayer Schering is paying OncoMed $40 million upfront to partner on a slate of new drugs that target cancer stem cells. And the German pharma company is reserving an option to buy up to five