Arsanis prices $40M IPO for infectious disease work
Arsanis, a New Hampshire biotech co-founded by Adimab’s Tillman Gerngross, has priced its IPO lower than originally expected, bumping the expected total raise down to $40 million.
The company is selling 4 million shares at $10 apiece. Arsanis previously said it would sell 3.13 million shares at $15-$17 per share.
Arsanis got its pipeline of infectious disease programs from Gerngross’ Adimab. Proceeds from the IPO will go towards developing the company’s lead program ASN100, which is in Phase II trials for the prevention of pneumonia in high risk, mechanically ventilated patients. There are no approved therapies in this indication, and the company likes the way their lead therapy compares to rivals in the clinic, according to the company’s S-1:
We are aware of two mAb products targeting S. aureus cytotoxin in clinical development, MedImmune’s MEDI4893 and Aridis Pharmaceuticals’ AR301, each of which targets only the cytotoxin Hla and is in Phase 2 clinical development. ASN100 may also compete with mAb products that may be developed to target S. aureus through different mechanisms of action, including XBiotech’s 514G3, which targets S. aureus surface Protein A and is in Phase 2 clinical development, and Genentech’s RG7861, which is comprised of a S. aureus bacterial-surface-targeting mAb attached to an antibiotic and is in Phase 1 clinical development.
Arsanis counts the 38th biotech IPO so far this year.