By Karen Pihl-Carey

Allos Therapeutics Inc. and IntraBiotics Pharmaceuticals Inc. each filed for initial public offerings with proposed maximum aggregate offering prices of $69 million and $90 million, respectively.

Specifics of how many shares would be offered and at what price were not disclosed in either SEC filing.

Allos, of Denver, said SG Cowen Securities Corp., of Boston, is acting as lead manager of its offering, with Prudential Vector Healthcare Group, of New York, and U.S. Bancorp Piper Jaffray Inc., of Minneapolis, acting as co-managers. The company has applied for listing on the Nasdaq National Market under the symbol "ALTH."

As a public company, Allos plans to bring its lead candidate, RSR13, to oncology markets, as well as establish collaborations to market the product in additional therapeutic areas. The company expects proceeds from the public offering to last through 2002.

With the proceeds, Allos plans to initiate a pivotal Phase III trial of RSR13, a synthetic small molecule that increases the release of oxygen from hemoglobin, in the first half of this year. The company intends to market the candidate directly to about 3,700 radiation therapists in the U.S. through a specialty sales force, to be hired at the time of a new drug application submission. But the company plans to collaborate with a pharmaceutical company to market the product outside the U.S. or in other indications.

Aside from improving existing treatments for cancer, the company believes RSR13 can be used to treat other conditions caused by or aggravated by oxygen deprivation in the body. The company retains worldwide commercialization rights for all indications.

Phase II trials of RSR13 demonstrated the compound significantly improved the efficacy of radiation therapy for treating brain metastases and glioblastoma multiforme. The radioenhancement agent improved median survival to 12 months when used in combination with standard cranial radiation therapy, compared to 9.2 months for the historical control group.

The company said it intends to seek corporate partners to develop RSR13 to treat the hypoxic effects of acute blood loss and decreased blood flow encountered in surgical procedures and to improve the effectiveness of treating cardiovascular disease and stroke.

Allos posted a net loss of about $10.5 million, or $6.24 per share, in 1999, compared to a net loss of about $8.6 million, or $2.71 per share, in 1998. The company had cash and cash equivalents of about $9.5 million as of Dec. 31. It has not generated any revenues and does not expect to within the next several years.

IntraBiotics, of Mountain View, Calif., said managers of its offering are Deutsche Banc Alex. Brown, of New York; Warburg Dillon Read LLC, of New York; SG Cowen, of Boston; and Adams, Harkness & Hill Inc., of Boston. The company is proposing to trade on the Nasdaq National Market under the symbol "IBPI."

The company said it plans to use net proceeds from the offering for clinical trials, development and manufacturing processes, research and development activities, acquisitions of new technologies or products, as well as working capital and general corporate purposes.

The company is moving into Phase III trials for its two lead product candidates, ramoplanin oral and Protegrin IB-367 rinse. Phase II trials indicated each of these products was well tolerated. The products may be useful in fighting multidrug-resistant bacteria that cannot be killed with antibiotics currently available.

Ramoplanin is an antibacterial drug that selectively kills certain types of bacteria, including vancomycin-resistant enterococci (VRE). IntraBiotics is developing ramoplanin for the elimination of VRE in the intestines to prevent it from crossing over into the bloodstream. The company holds the exclusive right to the drug in the U.S. and Canada. It licensed its rights from Biosearch Italia SpA, of Milan, Italy.

Protegrin IB-367 is a new antibiotic that kills many types of bacteria and fungi. IntraBiotics is developing the rinse for oral mucositis, painful mouth ulcers that form as a side effect to cancer therapies. The company holds exclusive worldwide rights to the drug. It regained all rights to it when Bridgewater, N.J.-based Pharmacia & Upjohn ended its collaboration in August. (See BioWorld Today, Aug. 11, 1999, p. 1.)

IntraBiotics plans to market and sell its products in the U.S. through a direct sales force focused on major hospitals, but it will license its foreign product rights to pharmaceutical companies.

The company had revenues of about $7.9 million in 1999, with a net loss of $23.1 million, or $21.62 per share. In the previous year, the company posted revenues of about $6.4 million, with a net loss of $17.4 million, or $20.89 per share. As of Dec. 31, IntraBiotics had cash and cash equivalents of $31.4 million.

The company completed its largest private placement in November, raising $25 million to help advance Protegrin IB-367 and ramoplanin through Phase III studies. (See BioWorld Today, Nov. 18, 1999, p. 1.)