Molecular Partners AG (MOLN)

molecularpartners jun16 lt

Molecular Partners AG, founded in 2004, is slated to go public on the Nasdaq Global Market on June 16, under the ticker symbol "MOLN". The company is already listed on the SIX Swiss Exchange under the ticker "MOLN".

The Zurich, Switzerland-based Molecular Partners is a clinical stage biopharmaceutical company developing protein therapies for COVID-19 and cancers through its proprietary DARPin molecular platform.

The company has offered to sell 3.0 million American Depositary Shares at a price of $21.25 per ADS. The underwriters have a 30-day option to purchase up to an additional 450,000 ADSs.

The aggregate gross proceeds are expected to be approximately $63.8 million. The offering is scheduled to close on or about June 18, 2021.

Underwriters of the IPO:

J.P. Morgan Securities LLC, SVB Leerink LLC, Cowen and Company, LLC, RBC Capital Markets, LLC, Kempen & Co U.S.A., Inc.

Pipeline and Near-term Catalysts:

Molecular Partners product candidates can be categorized into infectious disease, oncology and ophthalmology programs.

Infectious Disease Program:

The candidates under this program are Ensovibep and MP0423, being co-developed in partnership with Novartis.

A phase 2/3 clinical trial of Ensovibep for the treatment of SARS-CoV-2 virus is ongoing, with interim data expected in August 2021 and full data in 2022.

MP0423 for the treatment of COVID-19, under preclinical testing.

Oncology Program:

The lead oncology product candidate is AMG 506 (MP0310), developed in partnership with Amgen, for the potential treatment of FAP-positive cancers, which include multiple solid tumors. This compound is under phase I testing.

Next up is MP0317, currently under preclinical testing. 'In vitro' and 'in vivo' experiments have shown that MP0317 displays significant tumor-localized immune activation without systemic toxicity seen with anti-CD40 antibody administration. This compound is expected to enter clinical trial in the second half of 2021.

Ophthalmology program:

Abicipar, a VEGF inhibitor for neovascular (wet) age-related macular degeneration, or nAMD, being developed in collaboration with Allergan. Last June, the FDA issued a Complete Response Letter stating that the benefits of Abicipar didn't outweigh the side effect, say ocular inflammation.

Abicipar is also under a phase III trial for diabetic macular edema, or DME, being developed in collaboration with Allergan.

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