Almost two years after withdrawing its original filing, Seattle-based Xcyte Therapies Inc. filed once again for an initial public offering, this time to raise $75 million.

The company said in its prospectus dated Friday that it has "no current specific plan for the proceeds," but hopes an IPO would provide the company with "additional working capital to fund operating losses." The proceeds could go toward preclinical, clinical trial and manufacturing activities, as well as capital expenditures and complementary technology acquisitions.

Net proceeds, along with the company's cash, cash equivalents and investments, would carry Xcyte through at least 18 months, the company said. It has not yet specified the number of shares to be offered or a price range. The company applied for a Nasdaq listing under the symbol "XCYT."

UBS Investment Bank, of New York, would serve as lead underwriter of the offering, with U.S. Bancorp Piper Jaffray, of New York, and Wells Fargo Securities LLC, of San Francisco, also participating.

Xcyte filed for an $86.2 million IPO in December 2000, but it withdrew that offering a year later due to market conditions. (See BioWorld Today, Dec. 27, 2000.)

Xcyte was founded in 1996, has more than 60 employees and has raised more than $75 million from venture capital firms. It is developing its first product, Xcellerated T Cells, to treat a variety of illnesses, including cancer, autoimmune disorders and infectious disease. Xcellerated T Cells are ex vivo activated and expanded T cells generated using the company's Xcellerate Technology.

The company has completed a clinical trial in kidney cancer. Phase I data released last month showed that therapeutic effects were observed at sites of metastases to bone. Also, levels of lymphocytes increased with treatment and there was a trend to increased post-infusion survival in patients achieving higher lymphocyte counts.

Xcyte began a Phase I/II trial in the U.S. last April of Xcellerated T Cells in multiple myeloma patients who have undergone high-dose chemotherapy and a stem cell transplant. It also began a Phase I/II trial that month in patients with hormone-refractory prostate cancer.

Stockholders of the company include individual investors, directors and executive officers of Xcyte, as well as a number of venture capital firms, including Alta Partners, of San Francisco; Arch Venture Partners, of Chicago; the Sprout Group, of Menlo Park, Calif.; MPM Capital, of Boston; W Capital Partners Ironworks, of New York; Vector Fund, of Deerfield, Ill.; and Vulcan Ventures, of Seattle.

The company had 8.4 million shares of common stock outstanding as of Sept. 30.

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