Two more biopharmas joined the initial public offering (IPO) queue late last week – Scynexis Inc. aiming to raise up to $55 million for its fungal infection pipeline and cancer firm Ignyta Inc. filing to raise up to $40 million – and, after two quiet weeks on the IPO front, two firms are expected to make their debuts this week.

That would put the month of March off to a good start, though it will be difficult to surpass the first two weeks of last month, during which a total of 10 biopharmas priced IPOs in rapid succession. (See BioWorld Today, Feb. 10, 2014, and Feb. 14, 2014.)

Possibly on tap this week are debuts from Aquinox Pharmaceuticals Inc. and Recro Pharma Inc., both of which set terms late last week. Vancouver, British Columbia-based Aquinox is looking to offer 3.7 million shares priced between $10 and $12 each, which would bring in $40.7 million at the midpoint. The company, which would trade on Nasdaq under the ticker AQXP, recently launched a phase II trial of lead candidate AQX-1125, a SHIP1 activator, for the treatment of exacerbations of chronic obstructive pulmonary disease.

Recro, of Malvern, Pa., is looking to price 2.5 million shares in the range of $10 to $12 apiece, which would bring in $27.5 million at the midpoint to fund its pipeline of non-opioid therapeutics for pain. Recro seeks a listing under the ticker REPH.

SCYNEXIS FORGING AHEAD ON ANTIFUNGAL

Filing its S-1 last Thursday, Scynexis, of Durham, N.C., aims to raise funding to support its R&D pipeline, with a significant portion earmarked for phase II and phase III development of SCY-078. That product, which started out under the company’s 2002 collaboration with Whitehouse Station, N.J.-based Merck & Co. Inc., was transferred solely to Scynexis in May 2013 after a pipeline reprioritization at the big pharma.

A glucan synthase inhibitor in development for both oral and intravenous (I.V.) delivery, SCY-078 has shown efficacy against a broad range of Candida and Aspergillus fungal species, including drug-resistant strains, in animal models and has demonstrated safety and tolerability in multiple phase I trials. Scynexis’ plan is to now move the product into phase II studies, with the first patient expected to be enrolled in the second half of this year in an oral formulation trial in invasive Candida infection. Studies with the I.V. version are slated for 2015.

Worldwide, the market for systemic antifungals is estimated at about $3.6 billion, and the rate of infections are expected to increase, along with increased use of drugs such as chemotherapies that suppress the immune system. A limited number of available antifungals plus the growing development of resistance due to widespread use of the drugs has led to unmet needs, Scynexis reported in its prospectus.

SCY-078 would be the first of its class to gain approval, pending successful development, and the company aims to market the drug on its own in the U.S., with a targeted sales force that can reach hospitals and major medical centers.

Earlier in development, Scynexis has a platform of enfumagungin derivatives with which it hopes to expand its antifungal pipeline. The company, which reported about $1.4 million in cash and investments as of Dec. 31, also will use part of the IPO proceeds to pay off its credit facility and to support working capital and general corporate purposes.

The number of shares and share price for the proposed IPO have not yet been disclosed. Upon pricing, Scynexis would trade on Nasdaq under the ticker SCYX. RBC Capital Markets, JMP Securities and Canaccord Genuity are acting as underwriters.

IGNYTA TRYING FOR NASDAQ JUMP

Also filing last week was Ignyta, a San Diego biopharma focused on creating targeted cancer therapeutics with corresponding diagnostics, hence the firm’s ticker, RXDX, currently listed on the Over-the-Counter exchange thanks to a 2013 reverse merger.

The company has not yet disclosed the number of shares or share price, but is looking to raise about $40 million, which would add to the $51.8 million in cash as of Dec. 31, and make the jump to the more lucrative Nasdaq market.

Ignyta is moving forward with lead candidate RXDX-101, an oral tyrosine kinase inhibitor directed to the TrkA, ROS1 and ALK proteins, in phase I/II development in molecularly defined solid tumors. The drug, specifically, is designed for patients with cancers that harbor activating alternations, including gene rearrangements or mutations, splice variants, increased gene copy number and increased gene expression to its targeted proteins.

The firm also has a back-up compound, RXDX-102, which it can develop if RXDX-101 hits a clinical snag. Both drugs are licensed to Italian pharma firm Nerviano Medical Sciences Inc.

Proceeds from the IPO would be used to support operations, fund R&D work and possible acquired complementary products and businesses. Leerink Partners and Ladenburg, Thalmann & Co. are acting as underwriters.

Both Ignyta and Scynexis filed for IPOs as emerging growth companies under the Jumpstart Our Business Startups Act.

In other IPO news:

Concert Pharmaceuticals Inc., of Lexington, Mass., reported that underwriters for its initial public offering (IPO) have exercised their overallotment option and purchased an additional 649,690 shares. Those shares were sold at the public offering price of $14 each, before underwriting discounts. The closing occurred on March 3, bringing the total number of shares sold by Concert in the IPO to about 6.65 million shares, which represents a total capital raise of approximately $93 million before underwriting discounts. UBS Investment Bank and Wells Fargo Securities acted as joint book-running managers for the offering. JMP Securities acted as lead manager and Roth Capital Partners acted as co-manager for the offering.

Galmed Pharmaceutical Ltd., of Tel Aviv, Israel, set the price range for its proposed initial public offering of 2.4 million shares at $12 to $14, which would raise $31.2 million at the midpoint. The company expects to use proceeds to support clinical trials and product development, including the initiation and completion of a phase IIb trial testing aramchol in non-alcoholic steatohepatitis in patients who also suffer from obesity and insulin resistance. Galmed, which was founded in 2000, seeks a Nasdaq listing under the symbol GLMD. Maxim Group is the bookrunner for the deal. (See BioWorld Today, Feb. 10, 2014.)

Microlin Bio, of New York, set terms for its proposed initial public offering, aiming to offer 3.6 million shares at a price range of $6 to $8. At the midpoint, the offering would bring in $25.2 million. The development-stage diagnostics and therapeutics firm, which was founded in July 2013 by Joseph Hernandez, seeks a listing on Nasdaq under the ticker MCLB. Sunrise Securities Corp. is serving as bookrunner for the deal.