Chinese biotech aims $232M in IPO cash to push next-gen prostate cancer drug; Immunomedics raises nearly a half-billion off approval
→ A Chinese cancer-focused biotech looking to one-up J&J and Pfizer in castration-resistant prostate cancer has launched its IPO in Hong Kong, looking to raise more than $232 million (HK$1.86 billion) on the HKEX. Three cornerstone investors have laid claims to $98 million worth of Kintor Pharma’s shares, while others are free to bid on the rest for between HK$17.8 and HK$20.15 apiece. The Jiangsu-based company’s lead drug, proxalutamide, is an androgen receptor antagonist now in Phase III trials in China and Phase II in the US. The stock is scheduled to debut on May 22.
→ A little over a month ago, Immunomedics stock was trading at less than $10 per share. Now, after the FDA okayed the antibody-drug conjugate Trodelvy as the company’s first approval in its 30-year history, they’ve managed to sell nearly 17 million shares at $28.50 a pop — in total, a $459 million raise to aid the company’s commercialization campaign and fortify its pipeline. With $536 million in the tank as of March 31st, per their Q1 filing, the new financing should give Immunomedics a nearly billion-dollar war chest as they look to turn themselves into a profit-generating biotech.
→ Plagued by setbacks and disappointments that have sent its stock yo-yoing for the past few years, Cytokinetics’ $CYTK latest announcement that its Amgen-partnered heart drug secured fast track status at the FDA triggered a near 25% surge on the shares, hitting $21.33 Tuesday morning. The drug, omecamtiv mecarbil, is a cardiac myosin activator designed to treat heart failure by stimulating a heart muscle protein.