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Oncorus files for stock market flotation
Posted on Monday, 14 September 2020 10:37
Oncorus, a phase 1 biotechnology group developing oncolytic virus therapies, has lodged a prospectus with the US Securities and Exchange Commission for an initial public offering (IPO) on Nasdaq.
The business did not disclose terms of the listing such as the price, size and timing.
However, the group did set a placeholder of USD 86.00 million to calculate registration fees.
Oncorus’ pipeline contains lead candidate ONCR-177, an intratumorally administered viral immunotherapy based on its oncolytic HSV-1 platform.
Founded in 2015, the company has initiated and begun dosing patients in a Phase 1 trial of ONCR-177 for solid tumors, including breast cancer and cutaneous tumors, with preliminary data expected from the second half of 2021 through to the same timeframe in 2022.
Based in Cambridge, Massachusetts, Oncorus is listing under the symbol ONCR and the group plans to use the proceeds raised to advance clinical programmes, including ONCR-177, to finance its preclinical programmes, expand the manufacturing capabilities and for working capital purposes.
The group posted a net loss and comprehensive loss of USD 14.26 million in the six months ended 30th June 2020, compared to a loss of USD 17.20 million in the corresponding period of 2019.
Evercore ISI, Jefferies and Piper Sandler have been hired as joint book running managers for the deal.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 81 IPOs of scientific research and development services providers announced worldwide in 2020 to date.
In the largest of these, US-based PPD raised USD 1.62 billion through its stock market flotation on Nasdaq.
Other targets included SK Biopharmaceuticals, Grail, Legend Biotech and Akeso.
© Zephus Ltd