News briefing: Seer heads to Nasdaq with $150M IPO; IN8bio postpones public debut amid record year on Wall Street
Less than four months after a $55 million raise, Seer is ready to go public.
The company, run by Omid Farokhzad, filed for a $150 million IPO on Thursday as it prepares to jump onto the Nasdaq. Seer’s stock ticker will be fairly simple to remember — $SEER — and the move comes after the company has raised more than $150 million since being founded in 2017.
Thursday’s news also comes less than a month after Seer’s main product, the Proteograph Product Suite, was delivered to one of its first collaborators, per the company’s S-1. Funds from the IPO will go toward further commercializing the product and other R&D-related projects for Proteograph.
The product’s main function is to utilize nanoparticles to analyze the protein compositions in a blood sample. Seer described the technology to Endpoints News in July as a sequencing machine reading out the base pairs on a particular strand of DNA.
Last month, Nasdaq head of healthcare listings Jordan Saxe pinned the total number of biotech IPOs through mid-October at 72, with a total combined raise higher than $13.2 billion. — Max Gelman
IN8bio postpones IPO amid record year for public debuts
After more than 72 biotechs hopped onto the Nasdaq this year, bringing in a record raise of more than $13 billion, IN8bio decided not to make the jump, after all.
The New York-based biotech said on Friday that it’s postponing its IPO plans. It initially filed in October for an $86 million raise, then set terms last week that would allow it to bring in $75 million from 4.7 million shares at a price range of $15 to $17.
IN8bio didn’t offer an explanation for the hold-up. It’s focused on genetically modified gamma delta T cell therapies, and has two candidates in the clinic for glioblastoma and leukemia, respectively.
INB-200, for newly diagnosed glioblastoma, was administered to the first patient in a Phase I trial in June. Last month, IN8bio said it expected to read out the first data from that program in 2021. It planned on tagging $22 to $28 million in IPO proceeds to see the candidate to Phase II, according to an S-1/A filing.
The company had designated $10 to $17 million for INB-100, its leukemia candidate. That program began dosing patients in May, and IN8bio expected it to produce early data toward the end of 2022.
Nasdaq head of healthcare listings Jordan Saxe told Endpoints News at the end of last month that finishing the year with 75 biotech IPOs and just under $14 billion in proceeds would be a “fair estimate.” — Nicole DeFeudis