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This Week's Healthcare IPOs

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In the healthcare sector, 17 companies have made their debut on the NASDAQ so far this month.

Let's take a look at the U.S. healthcare IPOs scheduled for the week.

1. Biodesix Inc

Boulder, Colorado-based Biodesix is a revenue-generating diagnostic company with a focus in lung disease.

Founded in 2005, the company plans to list its stock on the Nasdaq Global Select Market under the symbol "BDSX" on October 28, 2020.

About 4.17 million shares of the company's common stock will be sold in the offering, with the price expected to be between $17.00 and $19.00 per share. The underwriters have an option for 30 days to purchase up to 625 thousand additional shares.

Underwriters of the IPO:

Morgan Stanley & Co. LLC and William Blair & Company, L.L.C., Canaccord Genuity LLC, BTIG, LLC


Biodesix has multi-program strategic collaborations with third-party suppliers, including contract manufacturers and single source suppliers. The company has a nonexclusive license and supply agreement with Bio-Rad for GeneStrat test, a liquid biopsy test for non-small cell lung cancer, and COVID-19 diagnostic and antibody testing program.

Financial numbers:

Biodesix generates revenue from diagnostic testing and providing services for biopharmaceutical companies.

For the six month ended June 30, 2020, the company's net loss widened to $17.97 million or $68.85 per share from $14.6 million or $64.88 per share in the comparable period last year.

Revenue for the period declined to $9.34 million from $12.34 million a year ago.

For the third quarter ended September 30, 2020, the company expects revenue to be in a range of $8.7 million to $9.2 million, versus $3.9 million in the same period last year. The company anticipates COVID-19 diagnostic testing revenue of $5.3 million to $5.6 million for the quarter.

2. Galecto Inc.

Galecto Inc., founded in 2011, is a clinical-stage biotechnology company developing therapeutics for fibrosis and fibrotic related diseases. Fibrosis is the development of abnormal fibrous connective tissue in response to injury, damage or dysfunctional gene regulation.

The Copenhagen, Denmark-based company plans to list its stock on the Nasdaq Global Select Market under the ticker symbol "GLTO" on October 29, 2020.

The company has offered to sell 5.67 million shares in the offering - with the initial public offering price expected to be between $14.00 and $16.00 per share. The underwriters have a 30-day option period to purchase up to 850 thousand additional shares.

Underwriters of the IPO:

BofA Securities, Inc., SVB Leerink LLC, Credit Suisse Securities (USA) LLC, Kempen & Co U.S.A, Inc.


The company's lead product candidate, GB0139, is an inhaled inhibitor of galectin-3, currently in Phase IIb trial, for the treatment of idiopathic pulmonary fibrosis (IPF).

The next is GB1211, a selective oral galectin-3 inhibitor for the treatment of fibrosis related to non-alcoholic steatohepatitis, or NASH, has completed a Phase 1 trial in 78 healthy volunteers. The company plans to further expand its GB1211 development into other related indications, including cancer.

GB2064 is a selective oral inhibitor of LOXL2 for the treatment of myelofibrosis, which also completed its Phase 1 clinical trial in 78 healthy volunteers.

Near-term Catalysts:

-- Topline results from phase 2b trial of GB0139 in 450 IPF patients are expected in 2022.

-- A phase IIa clinical trial of GB1211 in fibrosis related to NASH in 72 patients is expected to be initiated in early 2021.

-- A phase 2 clinical trial with GB2064 for the treatment of myelofibrosis is expected to be initiated in early 2021.

3. Inhibikase Therapeutics

Atlanta, Georgia-based Inhibikase Therapeutics is a clinical stage pharmaceutical company biotech developing therapeutics kinase inhibitors for Parkinson's disease and related disorders.

The company, which was founded in 2008, plans to go public on the Nasdaq Global Market, under the symbol "IKT" on October 30, 2020.

Inhibikase Therapeutics has offered to sell 2.27 million shares in the IPO, priced between $10 and $12 per share. The underwriters have an option for 45 days to purchase 340,909 additional shares.

Underwriters of the IPO:

ThinkEquity, a division of Fordham Financial Management, Inc., Paulson Investment Company, LLC


--The lead candidate is IkT-148009 for the treatment of newly diagnosed Parkinson's disease (PD) patients, patients early in the course of PD, and PD patients with GI complication and related disorders.

A phase I trial of IkT-148009 for the treatment of Parkinson's disease was initiated in 2019, with the dosing expected to commence shortly after the conclusion of the IPO.

IkT-001Pro for the treatment of Chronic Myelogenous Leukemia. An IND seeking FDA clearance to initiate clinical development for IkT-001Pro is expected to be submitted in the first quarter of 2021.

The company also has a couple of compounds in the research phase namely IkT-148x for the treatment of Dementia with Lewy Body and for Multiple System Atrophy, and IkT-1457 for the treatment of Progressive Multifocal Leukoencephalopathy.

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