Cellcor Inc. on Monday said it has filed for an initial publicoffering of 2 million shares of common stock with a proposedprice of $11 to $13.
Cellcor is developing living cell therapies, the first of whichuses a patient's own white blood cells (autolymphocytes) forthe treatment of certain cancers. For the autolymphocytetherapy (ALT), the cells are isolated from a blood sample,grown in vitro in the presence of a lymphokine cocktail andantigens to stimulate antibody production, and returned to thepatient.
ALT doesn't require FDA approval and is being used to treatmetastatic renal cell carcinoma on a commercial basis at threeclinics. Phase III results, published in The Lancet, showed thatpatients receiving ALT lived 2.5 times longer than the six toeight month historical survival rate.
Cellcor is conducting Phase III trials of ALT to treat non-metastatic renal cell carcinoma (RCC) and to determine amaintenance schedule to treat metastatic RCC. The NationalCancer Institute plans to submit this year an investigationalnew drug application to conduct Phase III trials comparing ALTwith alpha interferon.
In addition, the company submitted in November an IND forPhase II/III trials to treat prostate cancer and plans to file anIND this year for Phase II/III trials in melanoma.
Other applications for the therapy include infectious diseasesand AIDS.
The company has two issued patents and six pending.
If the offering is completed, the Newton, Mass., company willhave 5.3 million shares outstanding. That will include 966,667shares to be issued to Hillman Medical Ventures L.P. andBoston University concurrently with closing of the IPO inexchange for the cancellation of about $11.6 million in bridgeloans. Hillman and BU have provided an additional $17.5million in venture funds to the company since 1987.
Underwriter Furman Selz Inc. has a 300,000-shareoverallotment option.
-- Karen Bernstein BioWorld Staff
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