Rain Therapeutics headlines newest slate of IPO-bound biotechs with $100M penciled in for lead oncology program
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A fresh slate of biotech IPOs has filed to go public as the calendar turns toward the second quarter.
Three companies filed their registrational paperwork over the holiday weekend, with Rain Therapeutics and Impel NeuroPharma submitting S-1s on Friday and Anebulo Pharmaceuticals doing so last Thursday. Rain leads the estimated raises of the group with a $100 million tranche penciled in, followed by Impel at $75 million and Anebulo at a modest $15 million.
The moves come after a huge haul for the sector in the first quarter, which saw 32 biotechs file or price their IPOs. Among the companies that went public, the industry raised more than $4.6 billion in the first three months of the year.
Should biotechs continue at this pace, 2021 will eclipse 2020’s record raise by more than $2 billion, according to figures from Nasdaq.
Rain capitalizes on Daiichi Sankyo program licensed last year
Rain Therapeutics saw a shower of good fortune in 2020.
Around Labor Day last year, the biotech tripled its pipeline in the span of a week, licensing a research program from Drexel University and nabbing a Phase II-ready drug from Daiichi Sankyo. Rain followed that up with a $63 million fundraise shortly after to push forward all three of its programs.
The newer candidates pair up with the company’s original mission, one which helped it launch with an $18 million Series A back in 2018. Rain’s first experimental drug was tarloxotinib, a small molecule inhibitor designed to target low oxygen levels in tumors and thereby sparing healthy tissues.
Now, though, the Daiichi program has become Rain’s lead. Dubbed RAIN-32, the candidate will see the bulk of Rain’s IPO funds funneled toward it. Per the S-1, Rain plans to launch three studies for RAIN-32, including a pivotal Phase III study in an MDM2-amplified subtype of liposarcoma.
The raise will also help fund a Phase II tumor-agnostic basket trial in certain solid tumors and a Phase 2 trial in intimal sarcoma for the program, as well as help manufacturing costs and fund further translational studies.
Rain plans to trade under the ticker $RAIN.
Impel taking its inhaled drugs public ahead of migraine PDUFA
More than two years after its crossover raise, Impel NeuroPharma is finally heading to Nasdaq.
The Seattle-based biotech has a unique approach for getting CNS drugs delivered to the brain — through the nose. Impel’s tech is centered around a delivery system of nasal doses of old and thoroughly understood drugs, with research going toward migraines, Parkinson’s and agitation related to autism.
Led by CEO Adrian Adams, Impel hopes an enhanced nasal delivery approach can improve a drug’s performance, offering an opening for an improved therapeutic effect with a liquid or dry formulation of an old drug. Their migraine program has completed its pivotal study, with an expected PDUFA date of Sept. 6 later this year.
As such, the majority of the planned IPO cash will go toward funding the potential commercial launch of the migraine treatment, which Impel plans to market as Trudhesa. The drug is an upper nasal formulation of dihydroergotamine to treat acute migraines.
The remainder of the IPO funds will help the INP105 program, designed for acute treatment of agitation and aggression associated with autism spectrum disorder. This candidate is a nasal reformulation of olanzapine.
Impel plans to list under the ticker $IMPL.
Cannabinoid overdose biotech Anebulo looks to fund new studies
Anebulo Pharmaceuticals brings up the rear this week, penciling in just $15 million for its IPO raise.
The Lakeway, TX-based company, founded just last year, is focused on developing treatment for cannabinoid overdose and substance addiction. Anebulo’s lead candidate, ANEB-001, is designed to reverse the negative effects of cannabinoid overdose within one hour of administration.
Anebulo is hoping to fully finance a Phase II proof-of-concept study for the program with its IPO money. But this won’t be the last time Anebulo is looking to raise money — in their S-1, they noted that they’ll have more capital in about 18 months to run the pivotal safety trials, launch the drug commercially and make milestone payments to Vernalis, from whom Anebulo licensed its program.
The biotech plans to trade under the ticker $ANEB.