Comprehensive M&A data with integrated detailed company information

Pandion seeks Nasdaq listing
Posted on Monday, 29 June 2020 10:48
Autoimmune disease-focused Pandion Therapeutics is the latest biopharmaceutical company heading to the US stock market with an initial public offering (IPO). The Massachusetts-based advanced protein engineering platform designer has hired Goldman Sachs, Morgan Stanley, SVB Leerink and BMO Capital Markets to handle the listing on Nasdaq with a USD 75.00 million placeholder. Pandion is developing bispecific antibody therapeutics to achieve localised immunomodulation at the site of disease for durable, tissue-specific treatment of patients with autoimmune and inflammatory disease and organ transplants. Lead candidate, PT101, is a combination of the company’s interleukin-2 mutein effector module with a protein backbone. It is designed to selectively expand regulatory T cells systemically, without activating proinflammatory cells, such as conventional T cells and natural killer cells. Pandion is developing PT101 for the treatment of patients with moderate-to-severe ulcerative colitis and is currently conducting a phase 1a clinical trial, with final data expected in the first half of 2021. Three other candidates are focused on autoimmune diseases such as systemic lupus erythematosus, rheumatoid arthritis and type 1 diabetes. Money raised from the IPO, as well as existing cash and equivalents totalling USD 67.70 million, as at 31st March 2020, will advance research and development, including studies, and support working capital and general corporate activities. Pandion incurred a net loss of USD 21.88 million in the 12 months ending 31st December 2019 and of USD 6.42 million in Q1 2020. Pandion’s filing comes almost four months after closing a series B financing round worth USD 80.00 million led by Access Biotechnology and Boxer Capital and included other new investors, RA Capital and OrbiMed. All of the group’s existing venture capital backers, including Polaris Partners, Versant Ventures, Roche Venture Fund, SR One, JDRF T1D Fund and BioInnovation Capital, participated in the fundraiser. © Zephus Ltd