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Allovir seeks Nasdaq listing
Posted on Tuesday, 07 July 2020 11:59
Allovir intends to use proceeds from an initial public offering (IPO) on Nasdaq, existing cash and short-term investments to fund clinical trials.

Morgan Stanley, JPMorgan, SVB Leerink and Piper Sandler are handling the first-time share sale with a USD 100.00 million placeholder.

Massachusetts-based Allovir develops off-the-shelf virus-specific T cells (VST) designed to restore immunity in patients with T cell deficiencies who are at risk from the life-threatening consequences of viral diseases.

To date, the company has generated five allogeneic, off-the-shelf VST candidates targeting 12 different viruses.

According to the statement, the most advanced of these drugs has successfully completed a proof-of-concept trial across five viruses and is entering initial pivotal studies for the treatment of virus-associated haemorrhagic cystitis in the fourth quarter of 2020.

Lad candidate Viralym-M is a multi-VST therapy targeting BK virus, cytomegalovirus, adenovirus, Epstein-Barr virus, and human herpesvirus 6.

Allovir is initially focusing on development in immunocompromised allogeneic haematopoietic stem cell transplant and solid organ transplant patients who are at high risk from the life-threatening infections from the five abovementioned viruses.

To fully explore the clinical benefit of Viralym-M, the company plans to carry out a total of three phase 3 pivotal and three phase 2 proof-of-concept trials in 2020 and 2021.

Allovir noted the studies will focus on the treatment and prevention of life-threatening viral diseases in paediatric and/or adult patients.

To date, the company has raised USD 156.90 million through private financings featuring participation by ElevateBio, Fidelity, Gilead, F2 Ventures, Redmile Group, Invus, EcoR1 Capital and Samsara Biocapital.

Zephyr, the M&A database published by Bureau van Dijk, shows 85 IPOs targeting the pharmaceuticals, biotechnology and life sciences sectors have been announced globally in 2020 to date.

Four of these floats are by Massachusetts-based companies: Black Diamond raised USD 231.31 million in January; Keros Therapeutics is seeking USD 96.00 million; Imara fetched USD 86.25 million in March; and Lyra Therapeutics is aiming for USD 56.00 million.

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