An Iowa-based biotech named NewLink Genetics is gambling that its late-stage therapeutic cancer vaccine can light a fire under investors as it sets out to garner up to $66 million from an IPO.
NewLink laid out plans to sell 5.5 million shares at $10 to $12 apiece, something that biotech companies have found very difficult to accomplish this year. With the market in turmoil in recent months, the market for new biotech listings, anemic at best, has become moribund.
As we recently noted in a special report on pancreatic cancer programs, the Ames, IA-based developer is recruiting 700 pancreatic cancer patients for a Phase III study. And the biotech gained fast track and orphan drug status as an adjuvant treatment of pancreatic cancer after surgeries to remove tumor tissue.
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Special Report: HyperAcute Pancreas - Biotech's 5 key attacks on pancreatic cancer