Syndax Pharmaceuticals Inc., a clinical stage biophamaceutical company that is developing therapeutics for cancer, has filed for an initial public offering of its common stock.
The Waltham, Massachusetts-based company, which is developing an anti-cancer drug called entinostat, is offering 4.40 million shares of its common stock in the offering. The company expects the shares to be priced between $14 and $16 per share.
Syndax Pharma has granted the underwriters an option to purchase up to 660,000 additional shares of its common stock solely to cover over-allotments. If the underwriters exercise their over-allotment option in full, the company estimates net proceeds of about $67.8 million.
Syndax's common stock has been approved for listing on the Nasdaq Global Select Market under the symbol "SNDX." The underwriters for this offering are Morgan Stanley, Citigroup, JMP Securities and Oppenheimer.
Syndax is developing entinostat as a combination therapy in multiple cancer indications, with an initial focus on tumors that have shown sensitivity to immunotherapy, including lung cancer, melanoma, ovarian cancer and triple negative breast cancer or TNBC.
Syndax expects to use the proceeds from the IPO to support the clinical trials of entinostat, to conduct activities to support the filing of a New Drug Application or NDA for entinostat, and also for working capital as well as general corporate purposes.
Entinostat is Syndax's oral, small molecule drug candidate that has direct effects on both cancer cells and immune regulatory cells, potentially enhancing the body's immune response to tumors.
The company noted that the favorable safety profile of entinostat has been demonstrated in clinical trials in more than 900 cancer patients.
Syndax is currently evaluating entinostat in combination with Merck Inc.'s Keytruda, or pembrolizumab, in a Phase 1b/2 clinical trial for non-small cell lung cancer and melanoma.
The company also plans to initiate a Phase 1b/2 clinical trial for entinostat in combination with Genentech's atezolizumab in TNBC in the first half of 2016, and a Phase 1b/2 clinical trial for entinostat in combination with avelumab in ovarian cancer in the second half of 2016.
According to Syndax, entinostat may have broad applications in additional tumor types, including head and neck, bladder and renal cell, which are immuno-responsive, or sensitive to immunotherapy.
The company is also developing entinostat for use in advanced hormone receptor positive, or HR+, breast cancer.
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