Nasdaq parade marches on as ex-Genmab crew at Y-mAbs reaps $96M
The story that Y-mAbs told for the first time in its IPO filing has earned the cancer biotech an upsized $92 million raise to power a slate of trials for its two lead drugs.
Run by a group of ex-Genmab execs between New York City and Denmark, Y-mAbs traces part of its roots to Memorial Sloan Kettering, from which it licensed naxitamab and omburtamab. These two drugs were key in the treatment of founder Thomas Gad’s daughter — first when she was diagnosed with high risk neuroblastoma at age 2 and then when she relapsed. The 13-year-old is now disease-free.
Danish shipping tycoon Baron Johan Wedell-Wedellsborg owns the biggest single chunk of the stock, at 24%. Nai-Kong Cheung, a MSK researcher credited with omburtamab, held on to 8.6% of the equity. That’s about what HBM got for its recent buy-in, and MSK owns about 10% of the company.
While they have a focus on two lead drugs, CEO Claus Moller and his team also campaigned on the notion that they can create better bispecific antibodies that can kill cancer cells faster and longer than the current generation.
In one study involving 23 children suffering from neuroblastoma, researchers tracked a 57% response rate with naxitamab — and the company wants to pool data from an upcoming pivotal study to provide the evidence needed to gain an accelerated approval — if it works in the bigger study.
The company now has a timeline for both top therapies, with BLAs slated for 2019, and plans to launch their own commercialization effort a year after that.
Prior to the IPO, the biotech had raised $120 million, with $70 million of that on tap.