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Inhibrx has filed a new preliminary prospectus
Posted on Wednesday, 29 July 2020 11:37
Californian biotechnology company Inhibrx has filed a new preliminary prospectus for an initial public offering (IPO), eight months after withdrawing its original plans to list.

The La Jolla-based business has set a placeholder of USD 100.00 million to calculate registration fees; however, the final amount raised is usually much larger.

Inhibrx’s initial figure is already larger than the USD 75.00 million set in June 2019 when the company first said it was planning a flotation.

The business is focused on developing candidates based on a single domain antibody platform, as it believes its protein engineering technologies can overcome the limitations of other therapies.

It has three products in the phase 1 development, including INBRX-109, a tetravalent agonist of a receptor called DR5.

Inhibrx intends to use the net proceeds from this offering, together with existing cash, to fund its ongoing clinical trials for each of its candidates.

The money raised will also be used for research and development activities, working capital and other general corporate purposes.

Inhibrx posted revenue of USD 4.21 million in the six months ended 30th June 2020, down from USD 11.73 million in the corresponding period of 2019.

Net loss widened significantly from USD 14.93 million in H1 2019 to USD 37.98 million in H1 2020.

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 62 IPOs of scientific research and development services provider announced worldwide in 2020 to date.

In the largest of these, US-based contract pharmaceutical research and development group PPD raised USD 1.62 billion through a listing on Nasdaq.

Other companies to announce listings included SK Biopharmaceuticals, Legend Biotech, Akeso and Everest Medicines.

© Zephus Ltd