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Healthcare IPOs For The Week Ahead

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The following companies belonging to the healthcare sector are slated to debut on the U.S. public market in the week ahead.

1. 1Life Healthcare Inc.

San Francisco, California-based 1Life Healthcare Inc. is a revenue-generating healthcare technology and management services company affiliated with One Medical Group that delivers medical services in-office and virtually.

The company is scheduled to make its stock market debut list its IPO on the Nasdaq Global Market under the symbol "ONEM" on January 31, 2020.

1Life Healthcare has offered to sell 17.5 million shares of common stock in the offering, and the underwriters have an option for 30 days to purchase up to 2.625 million additional shares.

The initial public offering price is expected to be between $14.00 and $16.00 per share.

Underwriters of the IPO:

J.P. Morgan Securities, Morgan Stanley,Allen & Co, Citigroup, Piper Sandler & Co., Wells Fargo Securities, LLC, William Blair & Co., Robert W. Baird & Co. Inc, SunTrust Robinson Humphrey, Inc.

Financial Numbers:

For the nine months ended September 2019, the company's net loss attributable to stockholders widened to $33.13 million or $1.80 per share on revenue of $198.87 million. This compared with a net loss attributable to stockholders of $25.99 million or $1.59 per share on revenue of $154.64 million in the comparable period the prior year.

2. Arcutis Biotherapeutics Inc.

Westlake Village, California-based Arcutis Biotherapeutics is a late-stage biopharmaceutical company developing treatments for dermatological diseases with high unmet medical needs.

The company has offered to sell 7.81 million shares of common stock in the offering, and the underwriters have an option for 30 days to purchase up to 1.17 million additional shares. The initial public offering price is expected to be between $15.00 and $17.00 per share.

The company, which was founded in 2016, plans to list its stock on the Nasdaq Global Select Market under the symbol "ARQT" on January 31, 2020.

In 2019, ARQT signed a collaboration deal with Hawkeye Therapeutics, wherein ARQT acquired 19.9% of Hawkeye. ARQT will perform certain research and development activities that are fully funded by Hawkeye.

Underwriters of the IPO:

Goldman Sachs & Co. LLC, Cowen and Company, LLC, Guggenheim Securities, LLC, Cantor Fitzgerald & Co.

Pipeline:

The company has three product candidates in clinical testing and 1 in preclinical stage.

- The lead product candidate is ARQ-151, a topical cream containing roflumilast, a PDE4 inhibitor. It is in two Phase 3 clinical trials for the treatment of plaque psoriasis, dubbed DERMIS-1 and DERMIS-2. The company also intends to develop ARQ-151 for the treatment of atopic dermatitis.

- ARQ-154, a topical foam formulation of ARQ-151, is currently in a Phase 2 proof of concept study in seborrheic dermatitis and a in a phase 2b study in scalp psoriasis.

- ARQ-252, a potent and highly selective topical JAK1 inhibitor, for the treatment of hand eczema and vitiligo. It is nearly identical to ARQ-151.

- ARQ-255, an alternative topical formulation of ARQ-252, for the treatment of alopecia areata, which is in preclinical testing.

Near-term Catalysts:

- Top-line data from the two Phase 3 clinical trials of ARQ-151 in plaque psoriasis patients are expected in the first half of 2021. A Phase 2b study of ARQ-151 in atopic dermatitis is expected to be initiated in the second half of 2020, with topline results expected in the second half of 2021.

- Top-line data from Phase 2 proof of concept study of ARQ-154 in seborrheic dermatitis is expected in the second half of 2020, and that from the phase IIb scalp psoriasis study is expected in Q4 2020/Q1 2021.

- A phase IIb study of ARQ-252 in adult patients with hand eczema is slated to be initiated in the first half of 2020, with topline data expected in the second half of 2021. A phase IIa study of ARQ-252 in vitiligo is also expected to be initiated in the second half of 2020.

3. Avadim Health Inc.

Asheville, North Carolina-based Avadim Health is a healthcare and wellness company that markets six products - three of which are considered cosmetics and three of which are considered homeopathic drug products.

As of November 2019, the Company's products were used in more than 250 acute care hospitals, over 750 nursing homes and other long-term care facilities and were available in over 47,000 pharmacy locations.

The company said that as of November 2019 its products were used in more than 250 acute care hospitals, more than 750 nursing homes and other long-term care facilities and were available in over 47,000 pharmacy locations.

Founded in 2007, the company has planned to list its shares on the Nasdaq Global Select Market, under the symbol "AHI", on January 30, 2020.

Avadim Health has offered to sell 5.0 million shares of its common stock in the offering, and granted the underwriters an option for 30 days to purchase up to 750 thousand additional shares of common stock.

The initial public offering price is expected to be between $14 and $16 per share.

Underwriters of the IPO:

Raymond James & Associates, Inc.,SunTrust Robinson Humphrey, Inc., Oppenheimer & Co. Inc., Maxim Group LLC

Product Portfolio:

Cosmetic products:

-Theraworx Protect is a topical immune health product aimed at improving hygiene and is used in hospitals, nursing homes and other long-term care facilities to reduce risks that may lead to healthcare associated infections

-Theraworx Protect U-Pak for Urinary Health is designed to reduce risks that may lead to urinary tract infections.

- Combat One for soldier and first responder readiness for hygiene management in special situations, primarily for military purposes.

Homeopathic drug products:

- Theraworx Relief, in foaming and spray product formulation, indicated for individuals who suffer from muscle cramps and spasms and symptoms associated with restless leg syndrome.

-Theraworx Relief for Joint Discomfort and Inflammation is a foaming spray product with medical grade compression sleeves to address symptoms suffered by individuals with moderate to severe osteoarthritis.

- PHUEL, in pre-saturated towelette and foaming spray product formulations, used before, during and after strenuous activity for topical muscle nutrition.

4. Black Diamond Therapeutics

Cambridge, Massachusetts-based Black Diamond Therapeutics is a precision oncology medicine company pioneering the development of small molecule, tumor-agnostic therapies.

Founded in 2014, the company is scheduled to launch its IPO on the Nasdaq Global Market under the symbol "BDTX" on January 30, 2020.

Black Diamond Therapeutics has offered to sell 8.9 million shares of common stock in the offering, and the underwriters have an option for 30 days to purchase up to 1.335 million additional shares.

The initial public offering price is expected to be between $16.00 and $18.00 per share.

Underwriters of the IPO:

J.P. Morgan Securities LLC, Jefferies LLC,Cowen and Company, LLC,Canaccord Genuity LLC

Pipeline and Near-term Catalysts:

The company's lead candidate is BDTX-189, designed to inhibit mutant kinases that affect the epidermal growth factor receptor (EGFR) and the tyrosine-protein kinase ErbB-2 (HER2) for patients with glioblastoma or lung cancer that express these mutations. A Phase 1/2 clinical trial of this compound is expected to start in the first half of 2020.

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