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Atreca prices stock market flotation
Posted on Tuesday, 11 June 2019 12:18
Preclinical biopharmaceutical company Atreca has announced the pricing of the company’s planned initial public offering (IPO) and is seeking around USD 132.30 million in proceeds.

The group filed preliminary documents with the US Securities and Exchange Commission at the end of last month; however, it did not provide details on how many shares were being sold, or at what price range.

Atreca, which develops immunotherapies for solid tumors, is offering 7.35 million shares of class A common stock at between USD 16.00 and USD 18.00 apiece.

If the green shoe option – 1.10 million scrips – is exercised in full, the total amount raised could be USD 152.15 million at the highest end of the scale.

Evercore, Cowen and Stifel have been appointed as joint bookrunners for the IPO, which involves Atreca listing on Nasdaq under the ticker symbol BCEL.

While it is not clear at this time when the company’s shares are expected to begin trading, the business will use the proceeds to fund the development of its clinical trials, the utilisation of its discovery platform, hiring additional personnel, capital expenditures and for other general corporate purposes.

Atreca claims to have used its drug discovery approach to identify over 1,400 district human antibodies that bind preferentially to tumor tissue from patients who are not the source of the antibody.

It’s leading product, ATRC-101, is a monoclonal antibody with a novel mechanism of action that reacts to in vitro with a majority of human ovarian, non-small cell lung, colorectal and breast cancer samples from multiple patients.

The group is expecting to file an investigational new drug application for the candidate in late 2019, with phase 1b clinical trial in patients with solid tumours to start in 2020, subject to approval from the US Food and Drug Administration.

Atreca recorded a net loss of USD 13.58 million in the three months to 31st March 2019, compared to a loss of USD 7.66 million in the corresponding period of 2018.

Zephyr, the M&A database published by Bureau van Dijk, shows there have been 22 US-based scientific research and development companies that have announced or completed IPOs in 2019 to date.

The largest of these listings was by Adaptive Biotechologies, which is raising USD 230.00 million through a sale of shares on Nasdaq.

© Zephus Ltd