Turning Point unveils $166M IPO; Aquestive's riluzole film product is accepted for FDA review
→ San Diego-based Turning Point Therapeutics has hit the high end of the range it set for their IPO, pricing an upsized set of 9.3 million shares at $18 a pop. They ended up with $166 million raise, which will go a long way to inspiring more industry IPOs among drug developers.
The biotech $TPTX has been developing what they call oral, second-generation TKIs, reporting some early snapshots of efficacy and at least one death of a patient that may have been drug related. Part of a growing wave of Q2 biotech IPOs, the company plans to push ahead into the Phase II portion of an ongoing study of repotrectinib with an eye to hunting an early approval for ROS1+ advanced NSCLC or NTRK+ solid tumors.
Their success today in breaking out well ahead of the $100 million figure they had pencilled in on the S-1 spotlights an open season for biotech IPOs. Just a few days ago we saw 5 new IPOs hit, 4 on Nasdaq and one in Hong Kong. And this wave looks like it will continue to gather force in the weeks ahead.
→ The FDA has accepted Aquestive Therapeutics’ $AQST application to market a film version of generic riluzole, a decades-old treatment used to help patients with amyotrophic lateral sclerosis (ALS), an incurable and always fatal disease that affects control of the muscles needed to move, speak, eat and breathe. The agency will make its decision by November 30 on the product, which has been engineered to help patients who face difficulty swallowing or taking traditional forms of medication.
→ Still recovering from a stock bashing in the wake of disappointing Phase IIb data, OncoSec $ONCS has inked a new collaboration with Duke University to test Tavo in a new indication: breast cancer. This time around, the drug will be paired with a HER2-plasmid vaccine administered with its own intratumoral delivery system.
→ Rexahn has picked up a $3 million upfront licensing China and Singapore rights of its pancreatic cancer drug to BioSense, which plans to conduct a Phase II trial of RX-3117 in China in up to three other indications.