Portola gets EU clearance to market Andexxa under new name; Four biotechs set terms for Nasdaq debut
→ Portola $PTLA has made inroads for its anticoagulant antidote in Europe, winning a conditional OK to market andexanet alfa as Ondexxya. Sold in the US as Andexxa, the drug is designed to reverse the blood thinning effects of Factor Xa inhibitors like apixaban and rivaroxaban in acute situations. Portola’s fourth quarter revenue for 2018 was $15.3 million, $14 million of which was net product revenue from Andexxa sales.
→ French-based Calixar announced today that it has entered into an exclusive licensing agreement with Regeneron $REGN. Under the agreement, Regeneron has exclusive rights to access its technology and expertise to conduct research and discovery of antibodies against an undisclosed target in various therapeutic fields. This agreement includes upfront milestone payments to Calixar; however, financial terms were not disclosed.
→ Cortexyme has set terms for its IPO, which is downsized from its original plan of $86 million. The South San Francisco-based company is now planning to raise $75 million by selling 4.4 million shares between $16 and $18, based on a pitch around its theory that a bacterial pathogen plays a major role in Alzheimer’s. At the midpoint range, market value would hit $476 million. Renaissance Capital says that “insiders intend to purchase $35 million worth of shares in the offering.” The company will list under the ticker CRTX.
→ Milestone Pharmaceuticals, a Montreal, Canada-based biotech developing therapies for heart conditions, laid plans to raise $75 million in an IPO. The company, which intends to list under the ticker $MIST, is offering 5 million shares priced between $14 to $16. At the midpoint of that range, its market value would hit $378 million. The announcement comes less than a year after the company raised $80 million in a round of financing to develop its lead drug, etripamil, a calcium channel blocker that Milestone has formulated into a nasal spray to treat tachycardia.
→ Weeks after blueprinting the scientific foundation for the immuno-oncology company in a preclinical study published in Nature Medicine, Lilly-partnered NextCure set terms to raise $75 million in an IPO on Monday. The Beltsville, Maryland-based company, which has already raised $180 million in venture capital to go after PD-L1 negative tumors where existing checkpoint inhibitors are impotent, counts Lieping Chen — a noted I/O researcher who was behind Amplimmune, which was swallowed by AstraZeneca $AZN — as its scientific founder. NextCure plans to list under the symbol $NXTC and is offering 5 million shares at a price range of $14 to $16 — at the midpoint of that range it will carry a market value of $350 million.
→ New York, NY-based Applied Therapeutics, developing therapies for diabetic cardiomyopathy, announced terms for its IPO to raise $60 million by offering 4 million shares at a price range of $14 to $16. At the midpoint range, market value would hit $292 million. The company will list under the ticker $APLT.