Comprehensive M&A data with integrated detailed company information
IGM Biosciences applies for Nasdaq listing
Posted on Tuesday, 20 August 2019 12:10
Biotechnology company IGM Biosciences has filed a prospectus with the US Securities and Exchange Commission to list its common stock on Nasdaq under the symbol IGMS.
The California-based developer of engineered Immunoglobulin M (IgM) antibodies for the treatment of cancer patients has set a placeholder of USD 100.00 million for the deal; however, this figure is used to calculate registration fees and the final amount to be raised is likely to change.
IGM Biosciences has hired Jefferies, Piper Jaffray, Stifel and Guggenheim Securities to handle the sale of shares in the initial public offering (IPO), details of which are not yet known.
Established in 1993 under the name Palingen, the company was primarily engaged in research related to naturally occurring IgM antibodies.
In 2010, IGM Biosciences received an initial equity investment from Haldor Topsøe Holding, changed its name to the current moniker and refocused research and development efforts toward developing its platform and engineering new antibodies.
The group raised USD 102.00 million in a series C round of funding from Redmile Group, Janus Henderson Group, Vivo Ventures and Haldor Topsoe Holding last month.
IGM Biosciences plans to use the proceeds, together with existing cash and cash equivalents, to fund phase 1 clinical trial of IGM-2323 for the treatment of relapsed/refractory B cell Non-Hodgkin’s lymphoma patients, expanding manufacturing facilities and the development of its pipeline and discovery programmes.
In the six months to 30th June 2019, the company recorded total operating expenses of USD 17.89 million and a net loss of USD 18.15 million.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 54 research and development companies in the physical, engineering and life sciences sector that have announced or completed IPOs in 2019 to date.
The largest of these involves Adaptive Biotechnologies raising USD 300.00 million through its stock market debut on Nasdaq.
All of the five top deals featured US-based targets, including Turning Point Therapeutics, Personalis, Alector and Stoke Therapeutics.
© Zephus Ltd