ASCO spotlight presaged two more biotech IPOs angling for $215M
Two biotechs which spotlighted new cancer data during the last round at ASCO in early June are lining up IPOs to help fund their late-stage R&D work. Both companies filed in the lead-up to the long weekend.
First up is the oncology-focused Deciphera, which filed for a $100 million IPO just three months after banking a $52 million crossover round.
Somewhere along the way, Deciphera appears to have dropped its initial lead therapy — altiratinib — for reasons unknown to me. In its place, the biotech has been pushing along an early-stage program for DCC-2618 along with an even earlier-stage work on the immuno-oncology asset DCC-3014. Rebastinib is its third clinical-stage asset.
Deciphera investigators turned up at ASCO last June to report on their initial ‘2618 data in GIST patients shown to harbor a broad range of KIT and PDGFRα mutations and who received at least 100 mg of the drug daily. “We observed a disease control rate, or DCR, of 85% at eight weeks in 27 patients, 78% at 12 weeks in 23 patients and 60% at 24 weeks in 15 patients.”
Brightstar Associates is the lead investor, with 68% of the equity, followed by New Leaf at 15%. SV Life Sciences owns 6.4%.
Next to queue up for Nasdaq is Edinburgh, UK-based Nucana, which filed for a $115 million IPO.
The overseas biotech posted two abstracts at ASCO outlining some positive early-stage results for its lead drug Acelarin in advanced gynecological cancers.
Nucana is looking to use its platform tech to remake existing meds into safer, more effective cancer therapies. Their lead is a redo on gemcitabine. And they’re also looking for a better 5-FU.
Sofinnova owns about half of the stock with Morningside Venture coming in at 12%.
Both companies are looking to make their market debut during a solid run of new biotech offerings. The market has been willing to embrace a host of new developers, with cancer-focused companies looking to widen a wave of euphoria for new oncology drugs.