ADC Therapeutics SA, of Lausanne, Switzerland, which is developing targeted antibody-drug conjugates for patients suffering from hematological malignancies and solid tumors, said it increased the proposed share offering for its upcoming IPO and now plans to raise $175 million by offering 10.3 million shares at a price range of $16 to $18. The company’s shares have been approved for listing on the New York Stock Exchange under the ticker symbol ADCT.
Axcella Inc., of Cambridge, Mass., said it priced its underwritten public offering of 11 million shares at $4.75 each and granted the underwriters a 30-day option to purchase up to an additional 1.65 million shares at the public offering price. The gross proceeds are expected to be approximately $52.3 million, excluding any exercise of the underwriters’ option to purchase additional shares. The company intends to use the net proceeds to advance its current liver programs, including its planned IND filing for AXA-1665 and for working capital and other general corporate purposes.
Ayala Pharmaceuticals Inc., of Rehovot, Israel, said it closed its IPO of 3.66 million shares of common stock at $15 each for gross proceeds of approximately $55 million.
Calliditas Therapeutics AB, of Stockholm, has filed a registration statement on Form F-1 with the SEC for a proposed IPO of its American depositary shares (ADSs), representing the company’s common shares, and a concurrent private placement of its common shares in Europe and other countries outside of the U.S. to certain qualified investors. It has applied to list the ADSs on Nasdaq under the ticker symbol CALT.
Cardiff Oncology Inc., of San Diego, said it entered an agreement with PoC Capital LLC to fund the completion of its ongoing phase Ib/II trial in patients with KRAS-mutated metastatic colorectal cancer. The agreement follows the company's announcement of positive safety and efficacy data from its phase Ib trial, presented at the American Association for Cancer Research conference, that demonstrate clinical benefit in patients treated with onvansertib, a third-generation polo-like kinase 1 inhibitor, in combination with second line standard-of-care, FOLFIRI/Avastin. Seven out of eight (88%) evaluable patients achieved a clinical response (partial response + stable disease) and progression-free survival (PFS) of 6.5 months, which exceeds the current standard-of-care response rate of 4% and median PFS of 5.5 months.
Cardiol Therapeutics Inc., of Oakville, Ontario, said it entered an agreement with Canaccord Genuity Corp., who, on behalf of a syndicate of underwriters, will purchase, on a bought deal basis 4.5 million units at $2.50 each for aggregate gross proceeds of $11.25 million. The underwriters have been granted an option to purchase up to an additional 675,000 units. The net proceeds will be used to support the commercialization of the company’s pharmaceutical cannabidiol products, its ongoing research and clinical development programs focused on heart failure, additional product development, and for general corporate purposes.
Citius Pharmaceuticals Inc., of Cranford, N.J., said it entered definitive agreements with several institutional and accredited investors for the purchase of about 7.06 million shares of its common stock, at a purchase price per share of $1.0625 for gross proceeds of about $7.5 million, in a registered direct offering priced at-the-market under Nasdaq rules. Additionally, Citius has also agreed to issue to the investors unregistered warrants to purchase up to 3.5 million shares of its common stock. Citius intends to use the net proceeds for general corporate purposes, including clinical trial expenses, research and development expenses, manufacturing expenses and general and administrative expenses. The closing is expected to take place on or about May 18. H.C. Wainwright & Co. is acting as the exclusive placement agent.
Hemogenyx Pharmaceuticals plc, of London, U.K., said it raised £2.5 million (US$3.05 million) through an oversubscribed placing of 35.71 million ordinary shares at 7 pence each. The funding is conditional on shareholders approving the special resolution to be proposed at the company's annual general meeting June 4. The funds will be used to advance the company’s humanized mice for the potential development of human neutralizing antibodies to be used against COVID-19 and related COVID-19 work; to advance IND-enabling studies for HEMO-CAR-T, which is being developed as a potential blood cancer treatment; and for general working capital purposes.
Kiniksa Pharmaceuticals Ltd., of Hamilton, Bermuda, said it priced its public offering of 2.4 million of its class A common shares at $18.25 each. The gross proceeds from the offering, together with the proceeds from the sale of 1.6 million class A1 common shares at the public offering price in a concurrent private placement, are expected to be $73 million. In addition, the underwriters have been granted a 30-day option to purchase up to 360,000 additional class A common shares. The net proceeds from the public offering and the concurrent private placement will be used to advance the clinical development of its product candidates, to fund other research and development activities and for working capital and general corporate purposes.
Legend Biotech Corp., of Somerset, N.J., which is engaged in the discovery and development of cell therapies for oncology and other indications, has filed with the SEC to raise up to $100 million in a proposed IPO. Last month, it raised $150.5 million in series A financing round. The company has just announced updated results from the Janssen Pharmaceutical Cos. of Johnson & Johnson sponsored phase Ib/II CARTITUDE-1 study evaluating the efficacy and safety of JNJ-68284528 (JNJ-4528), an investigational BCMA-directed CAR T therapy in the treatment of patients with relapsed or refractory multiple myeloma. The data show durable responses in heavily pretreated patients. Longer-term follow-up data (median of 11.5 months) from the phase Ib portion of the study demonstrated 100% overall response rate, 86% stringent complete response rate and a nine-month progression free survival rate of 86%.
Modulus Discovery Inc., of Tokyo, said it closed its series B funding round for ¥2.71 billion (US$$25.5 million) and will use the proceeds to advance its small-molecule lead programs in oncology and inflammatory/immune disorders and expand its portfolio of early programs and collaborations, including those with its strategic partner Peptidream Inc., of Kanagawa, Japan.
Myokardia Inc., of Brisbane, Calif., said it priced an underwritten public offering of 5.25 million shares of its common stock at $105 each. In addition, the underwriters have a 30-day option to purchase up to an additional 787,500 shares of common stock on the same terms and conditions. The company anticipates using net proceeds to support the regulatory approval process and potential commercial launch of mavacamten for the treatment of obstructive hypertrophic cardiomyopathy (HCM) and to fund ongoing and potential later-stage clinical studies of mavacamten in non-obstructive HCM and targeted heart failure with preserved ejection fraction.
Oyster Point Pharma Inc., of Princeton, N.J., said it started an underwritten public offering of 2.5 million shares and intends to grant the underwriters a 30-day option to purchase up to 375,000 additional shares at the public offering price.
Syndax Pharmaceuticals Inc., of Waltham, Mass., said it closed its underwritten public offering of 6.38 million shares at $18 each, a total that includes the exercise in full by the underwriters of their option to purchase up to 833,333 additional shares of common stock. The gross proceeds were approximately $115 million.
VBL Therapeutics Inc., of Tel Aviv, Israel, said it closed its offering of 5.14 million ordinary shares at $1.575 each, in a registered direct offering priced at-the-market under Nasdaq rules. VBL has also issued to the investors, in a concurrent private placement, unregistered warrants to purchase up to an aggregate of 5.14 million of its ordinary shares, with an exercise price of $1.45 per ordinary share, that are immediately exercisable and will expire on Nov. 11, 2021. The gross proceeds were approximately $8.1 million, and the net proceeds will be used for working capital and general corporate purposes.