IPO price: $10
Oct. 23 close: $10.96
Percentage gain: 10%
In biotech, going public is never guaranteed and some companies wait years before the IPO window opens for them. Chemocentryx ($CCXI), a developer of autoimmune, diabetes and cancer drugs, has been around for almost two decades but hit the public markets in February after a maiden public offering in which the Mountain View, CA-based outfit cut its asking price.
With the IPO in its rear view mirror, Chemocentryx has one of the more active pipelines among this year's crop of biotechs to complete IPOs. GlaxoSmithKline ($GSK) is partnered with the developer on its most advanced candidate, Traficet-EN or vercirnon, which is in a slate of Phase III clinical studies for treating Crohn's disease.
Last year GSK optioned the company's CCR1 inhibitor dubbed CCX354 after upbeat data from a Phase II study in rheumatoid arthritis last year. GSK has taken over development of the program, which offers a potential oral treatment for the joint-attacking, autoimmune disease for which injectable drugs now dominate the multibillion-dollar market.
Chemocentryx could benefit from GSK's decision on whether to option another experimental compound in its pipeline, CCX168. The drug, a C5a receptor inhibitor, is in mid-stage development for combating anti-neutrophil cytoplasmic antibody-associated vasculitis. The company expects to wrap up the Phase II study by the end of this year, and success in the trial could entice GSK to exercise its option on the drug.
ChemoCentryx attempts oral autoimmune drug