Inhibrx, Fresh Off $40M Funding to Advance Cancer Drugs, Eyes IPO


2019-06-04 16:00:00 Xconomy


Two weeks after raising $40 million to push ahead with its drug development programs, Inhibrx submitted paperwork to the SEC revealing that it aims to raise money in the public market, too. The La Jolla, CA-based company, which is developing protein drugs targeting cancer and other diseases, was founded in 2010. Viking’s investment was a note that will convert into the company’s common stock after the initial public offering at a discount—equal to 90 percent of the price per share of the IPO, according to a regulatory filing. Inhibrx, which set a preliminary target of almost $75 million for its IPO, plans to list its shares on the Nasdaq exchange under the stock symbol “INBX.” It plans to use some of the funds to complete two ongoing Phase 1 clinical trials of experimental cancer drugs as well as a Phase 1 trial it plans to start for a drug intended to treat a rare respiratory disease, alpha-1 antitrypsin deficiency (AATD). Even as the public markets evince increasing shakiness, biotechs have continued to enter the IPO pipeline. Five such companies filed paperwork on May 24 alone. Inhibrx has raised plenty of other money through licensing deals, too. Last month Inhibrx signed a deal with Chiesi Farmaceutici, an Italian pharmaceutical firm, that will give the company the option to license its AATD drug once it has completed a Phase 1 trial. To initiate the option, Chiesi agreed to pay Inhibrx $10 million within five days of its IPO. To exercise the option, which would give it the right to develop and commercialize the drug outside of the US and Canada, Chiesi would have to eventually put up $12.5 million more, according to the securities filing. Separately, Chiesi also agreed to buy $10 million in Inhibrx shares after the IPO at its IPO price. In 2017 and in 2018, Inhibrx’s reported revenue from licensing fees and grants of about $8.4 million and $8.6 million, respectively, according to its filing. It booked that much in just the first three months of this year, about $8.5 million, mostly from a collaboration it signed in January with Bluebird Bio to develop cell therapy products. Separately, Bluebird announced today it won regulatory approval for its first gene therapy, a treatment for the rare blood disease beta thalassemia. The company’s main stockholders include Lilly Asia Ventures and RA Capital.
两周前, Inibrx 筹集了4,000万美元用于推进其药物开发项目,随后向 SEC 提交了文件,披露它也打算在公开市场上筹集资金。 位于加利福尼亚的 La Jolla 公司成立于2010年,该公司正在开发针对癌症和其他疾病的蛋白质药物。根据一份监管申报文件,维京集团的投资是将在首次公开发行( IPO )后以折扣价转换为公司普通股的票据,相当于 IPO 每股价格的90%。 Inibrx 为其 IPO 设定了近7500万美元的初步目标,该公司计划在纳斯达克上市,股票代码为“ INBX ”。该公司计划使用部分资金完成两个正在进行的1期实验癌症药物临床试验以及一个1期试验,该试验计划开始用于治疗一种罕见的呼吸系统疾病,α-1抗胰蛋白酶缺乏( AATD )。 尽管公开市场越来越不稳定,生物技术公司仍在继续进入 IPO 管道。仅在5月24日,就有五家这样的公司提交了书面文件。 Inibrx 也通过许可协议筹集了大量其他资金。上个月, Initiibrx 与意大利制药公司 Chiesi Farmacutii 签署了一项协议,一旦完成第一阶段试验,该公司将有权获得 AATD 药物的许可。为了启动这一选择, Chiesi 同意在 Inibrx IPO 的五天内支付1000万美元。根据提交给证券监管机构的文件,若要行使这一选择权,奇西最终将不得不追加1,250万美元。该选择权将赋予奇西在美国和加拿大以外开发和商业化该药物的权利。此外, Chiesi 还同意以 IPO 价格收购 Inibrx 股票1000万美元。 根据 Inibrx 的备案文件,2017年和2018年, Inibrx 报告的许可费用和赠款收入分别约为840万美元和860万美元。今年前三个月,该公司就预订了这么多资金,约为850万美元,主要来自今年1月与 Bluebird Bio 签署的合作协议,该公司将开发细胞治疗产品。另外, Bluebird 今天宣布其首个基因疗法——一种罕见的血液疾病β-地中海贫血的治疗方法——获得了监管机构的批准。 该公司的主要股东包括礼来(Lilly) Asia Ventures 和 RA Capital 。