Avidity Biosciences Inc., of La Jolla, Calif., said it was raising the proposed size of its upcoming IPO by 40%, now seeking to raise $210 million by offering 12 million shares priced in a range of $17 to $18. The company previously filed to offer 10 million shares in a range of $14 to $16 for a proposed raise of $150 million. Avidity, which is developing oligonucleotide therapies to treat muscle disease, plans to list on Nasdaq under the ticker RNA. Cowen, SVB Leerink, Credit Suisse and Wells Fargo Securities are joint bookrunners on the deal.
Calliditas Therapeutics AB, said it raised $90 million in its U.S. IPO, listing its American depositary shares (ADS) on Nasdaq as CALT. Already listed on Nasdaq Stockholm, the company set the price of 8.3 million common shares to $19.50 per ADS, with each ADS representing two shares. The company sold 924,000 additional shares for SEK89.70 (US$9.69) apiece in a concurrent private placement to institutional investors outside the U.S. Calliditas plans to use the proceeds to fund ongoing phase III tests of Nefecon, its oral modified-release version of budesonide to treat IgA nephropathy, along with pre-commercialization and, if approved, commercialization activities for Nefecon and development of additional candidates. On June 11, the CALT ADSs lost 46 cents to close at $19.50.
Cerecor Inc., of Rockville, Md., said it closed its public offering of 15.2 million shares, including about 2 million shares sold in the underwriter’s full exercise of its overallotment option, priced at $2.50 apiece. Certain insiders, including certain of the company’s officers, purchased shares of Cerecor common stock in the offering. Net proceeds are expected to be about $35.4 million and will be used for working capital and general corporate purposes, which include the funding of development of its product candidates, and general and administrative expenses. Oppenheimer & Co. Inc. acted as the sole book-running manager.
Chemocentryx Inc., of Mountain View, Calif., said it priced an underwritten public offering of 5.2 million common shares at $58 apiece, for expected gross proceeds of $301.6 million. The company granted underwriters a 30-day option to purchase up to 780,000 additional common shares. SVB Leerink and Piper Sandler are joint lead book-running managers, with Canaccord Genuity and Raymond James as passive joint bookrunners and H.C. Wainwright & Co. as lead manager for the offering, which is expected to close on June 15. On June 11, the company’s shares (NASDAQ:CCXI) lost $2.21 to close at $58.04.
Curis Inc., of Lexington, Mass., said it arranged with health care investors for a registered direct offering of 14 million common shares priced at $1.25 apiece for expected gross proceeds of $17.5 million. Net proceeds, together with the company’s existing cash and equivalents of $12.5 million as of March 31, 2020, will be used in part to continue development of cancer candidates CA-4948, its dual FLT3/IRAK-4 kinase inhibitor, and CI-8893, a monoclonal anti-VISTA antibody advancing in a collaboration with Immunext Inc., of Lebanon, N.H. Jonestrading Institutional Services LLC is exclusive placement agent for the offering, which is expected to close by June 15. On June 11, Curis shares (NASDAQ:CRIS) fell 21%, losing 36 cents to close at $1.34.
Generation Bio Co., of Cambridge, Mass., said it was up-sizing its proposed IPO to $185 million, an increase of 47%, by offering 10 million shares priced in a range of $18 to $19. The company previously filed to offer 7.4 million shares in a range of $16 to $18. The rare disease company, which is developing gene therapies to treat diseases of the liver and the retina, plans to list on Nasdaq as GBIO. J.P. Morgan, Jefferies and Cowen are joint bookrunners on the deal, which is expected to price the week of June 8, 2020.
Glyscend Therapeutics Inc., of Baltimore, said it closed a $20.5 million series A financing round led by Brandon Capital Partners, through its Medical Research Commercialisation Fund, and Sante Ventures. Proceeds will be used to support development of the company’s oral polymer therapy for patients with type 2 diabetes and other metabolic diseases.
Immupharma plc, of London, said it concluded agreements with U.S. health care investors L1 Capital Global Opportunities Master Fund and Lind Global Macro Fund LP, managed by The Lind Partners LLC, for up to $6.3 million (£4.94 million) in unsecured convertible securities and associated options. The securities may be converted during their maturity period of 18 months into up to 13.1 million ordinary shares priced at 17.96 pence apiece, equivalent to 120% of the volume-weighted average price of the company’s shares (LSE:IMM) on June 9. The 15.7 million options may be exercised for up to three years at the same conversion price. Initial net proceeds of $2.39 million and any additional funds following option exercises will be used mainly to fund continued expansion of the company's R&D programs. On June 11, IMM shares closed at 14.3 pence for a loss of 0.55 pence.
JW Therapeutics (Shanghai) Co. Ltd., of Shanghai, said it completed a $100 million series B round co-led by CPE and Mirae Asset, joined by CR-CP Life Science Fund and Oriza Holdings, as well as existing investors including Loyal Valley Capital, Temasek, Sequoia Capital China, Arch Venture Partners, Juno Therapeutics (part of Bristol Myers Squibb Co.) and Wuxi Apptec. The round brings the total capital raised to more than $200 million, including $90 million in a series A round closed in 2018. Proceeds will be used to further advance lead product JWCAR-029, a CAR T-cell product targeting CD19, which is in phase II development. Funds also will be used to further build out a pipeline and gear up to establish commercialization capabilities to support product launch.
Lantern Pharma Inc., of Dallas, said it priced its IPO of 1.75 million common shares at $15 apiece, raising gross proceeds of $26.25 million. The company, which is leveraging artificial intelligence, machine learning and genomic data to streamline drug development and to identify patients for targeted oncology therapy, granted underwriters a 45-day option to purchase up to 262,500 additional shares to cover overallotments. Trading on Nasdaq under the ticker LTRN, shares lost 5 cents on their opening day of June 11, to close at $14.95. Thinkequity, a division of Fordham Financial Management Inc., is sole book-running manager, with Colliers Securities LLC and Paulson Investment Co. LLC as co-managers for the offering, expected to close on June 15.
Mustang Bio Inc., of Worcester, Mass., said it priced its underwritten public offering of approximately 10.8 million common shares at $3.25 apiece for expected gross proceeds of $35 million and granted the underwriter a 30-day option to purchase up to 1.6 million additional shares. Net proceeds are expected to fund continued development of product candidates along with potential in-licensing, acquisition, development and commercialization activities. Assuming full exercise of the underwriter’s option, Mustang expects to have approximately $90 million in cash when the offering closes, expected on June 15. Cantor Fitzgerald & Co. is sole book running-manager. Mustang’s shares (NASDAQ:MBIO) fell 29% on June 11, losing $1.35 to close at $3.25.
Verve Therapeutics Inc., of Cambridge, Mass., said it raised $63 million in a series A2 financing led by existing investor GV (formerly Google Ventures) with participation from current investors Arch Venture Partners, F-Prime Capital and Biomatics Capital and from new investors Wellington Management and Casdin Capital. In May 2019, Verve raised $58.5 million in its series A financing. The new proceeds will be used to advance the company’s lead PCSK9 CRISPR/Cas9-gene therapy program through IND-enabling studies and to fuel follow-on pipeline programs. Verve is developing one-time gene-editing therapies for targeted genes in the liver with the goal of permanently lowering LDL cholesterol and triglycerides.
Zelluna Immunotherapy AS, of Oslo, Norway, said it raised approximately €7.5 million (US$8.5 million) in equity financing and public grants to advance development of its allogeneic T-cell receptor-guided natural killer cell therapy platform to treat cancer. Additional details were not disclosed.