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Healthcare IPOs For June 19

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The U.S. healthcare sector is seeing a flurry of IPO activity in June. So far this month, 10 companies  have made their stock market debut. Let's take a look at the IPOs slated for tomorrow.

1. Forma Therapeutics Holdings

Watertown, Massachusetts-based Forma Therapeutics Holdings Inc. is a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare hematologic diseases and cancers.

The company is scheduled to list its IPO on the Nasdaq Global Select Market under the symbol "FMTX" on June 19, 2020.

Forma Therapeutics has offered to sell 11.76 million shares of common stock in the offering, and the underwriters have an option for 30 days to purchase up to 1.76 million additional shares.

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

Underwriters of the IPO:

Jefferies LLC, SVB Leerink LLC and Credit Suisse Securities (USA) LLC

Pipeline:

The company has six investigational drugs, of which are two are core product candidates - FT-4202 and FT-7051.

FT-4202 is currently in a phase I trial for the treatment of sickle cell disease, or SCD, patients ages 12 years and older.

FT-7051 is in preclinical development for the treatment of metastatic castration-resistant prostate cancer, or mCRPC.

The other drug candidates are:

FT-2102, a selective inhibitor for cancers with isocitrate dehydrogenase 1 gene, or IDH1, mutations, currently under phase II for relapsed / refractory acute myeloid leukemia and in an exploratory phase I trial for glioma.

FT-8225, a fatty acid synthase, or FASN, inhibitor, for the treatment of NASH, which has completed preclinical testing.

The Company has licensed exclusively two programs each to Boehringer Ingelheim and Celgene based on molecules that it discovered.

Near-term Catalysts:

-- Data from multiple ascending dose cohorts from phase I trial of FT-4202 in SCD patients is expected

in the second quarter of 2021, with additional data from this trial to be reported throughout the course of the year.

-- A phase I trial of FT-7051 in mCRPC patients is expected to be initiated in the fourth quarter of 2020, with data from this trial anticipated in the first half of 2022.

2. Genetron Holdings Ltd

Changping District, Beijing-based Genetron Holdings is a precision oncology platform company that specializes in cancer molecular profiling and harnesses advanced technologies in molecular biology and data science to transform cancer treatment.

The company collaborates with over 500 hospitals and dozens of biopharmaceutical companies and research institutions, and has developed a large proprietary genomic database.

The company plans to debut on the Nasdaq Global Market, under the symbol "GTH" on June 19, 2020.

Genetron Holdings has offered to sell 13.0 million American Depositary Shares or ADSs in the offering at an expected price of between $11.50 and $13.50 per ADS, and the underwriters have an option for 30 days to purchase up to 1.95 million additional ADSs.

Underwriters of the IPO:

Credit Suisse Securities (USA) LLC, China International Capital Corporation Hong Kong Securities Limited, BTIG, LLC, Canaccord Genuity LLC

Financial Numbers:

For the three months ended March 2020, the company's net loss attributable to stockholders narrowed to RMB 115.46 million or RMB 0.92 per share on revenue of RMB 76.84 million. This compared with a net loss attributable to stockholders of RMB 131.48 million or RMB 1.08 per share on revenue of RMB 66.65 million in the comparable period last year.

3. Repare Therapeutics

Cambridge, Massachusetts-based Repare Therapeutics is a precision oncology company developing drugs based on its proprietary synthetic lethality approach. The company has a collaboration and license agreement with Bristol-Myers Squibb Co (BMY) to develop potential new product candidates for the treatment of cancer.

The company, which was founded in 2016, plans to list its stock on the Nasdaq Global Select Market under the symbol "RPTX" on June 19, 2020.

About 7.35 million shares of the company's common stock will be sold in the offering, and the underwriters have an option for 30 days to purchase up to 1.10 million additional shares. The initial public offering price is expected to be between $16.00 and $18.00 per share.

Underwriters of the IPO:

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Cowen and Company, LLC and Piper Sandler & Co.

Pipeline & Near-term Catalysts:

-- The company's lead product candidate is RP-3500, an oral small molecule inhibitor for the treatment of solid tumors with specific DNA damage repair-related genomic alterations. Filing of IND for RP-3500 is expected in the second quarter of 2020 and the initiation of open-label Phase 1/2 clinical trial in patients with advanced tumors is planned in the third quarter of 2020.

The company has two programs in advanced preclinical development:

-- CCNE1-SL inhibitor program, a proprietary drug discovery program for tumors with amplification of CCNE1 gene.

-- Polymerase Theta (Polq) Program.

The company anticipates advancing clinical candidate and initiating IND-enabling studies for both the above two programs in the second half of 2021.


4. Progenity Inc.

Progenity Inc. is a biotechnology company, providing in vitro molecular tests and developing investigational ingestible devices and drug/device combinations.


The company is scheduled to list its IPO on the Nasdaq Global Select Market under the symbol "PROG" on June 19, 2020.

Progenity has offered to sell 6.67 million shares of common stock in the offering, and the underwriters have an option for 30 days to purchase up to 1.0 million additional shares.

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

Underwriters of the IPO:

Piper Sandler & Co., Wells Fargo Securities, LLC, Robert W. Baird & Co. Inc, Raymond James & Associates, Inc., BTIG, LLC


Financial numbers:

For the three months ended March 2020, the company's net loss attributable to stockholders narrowed to $17.15 million or $3.43 per share from $27.67 million or $5.88 per share in the year-ago quarter. However, revenue in the recent first quarter slumped to $16.83 million from $47.51 million in the comparable period last year.

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