We have just seen a biotech company named Aldagen, Inc. file for an initial public offering of common stock. This will trade under the proposed stock ticker “ALDH” on NASDAQ. The company is developing proprietary regenerative cell therapies that target significant unmet medical needs.
The joint book-runners were listed as Cowen & Co. and Wells Fargo Securities. No terms were offered on this deal other than that it would raise up to $80,500,000.00 via stock sales. As with most IPO-stage biotech companies, Aldagen is effectively a non-revenue company as it is in the clinical and investigative stages of the biotech cycle.
Its most advanced product candidates are ALD-101, ALD-301 and ALD-201. Aldagen is currently conducting a pivotal Phase 3 clinical trial of ALD-101 to evaluate its efficacy in improving engraftment following umbilical cord blood transplants used to treat inherited metabolic diseases in pediatric patients.
Based on the results of Phase 1/2 clinical trial of ALD-301, Aldagen intends to commence a pivotal Phase 3 clinical trial of ALD-301 in 2010 to evaluate its efficacy in treating critical limb ischemia. Also noted is that it has received a special protocol assessment concurrence letter from the FDA for the design of this trial.
It has also completed a Phase 1 clinical trial of ALD-201 for the treatment of ischemic heart failure and is developing additional product candidates for the improvement of engraftment following cord blood transplants used to treat leukemias, inherited metabolic diseases and for post-acute treatment of ischemic stroke.
This is a venture capital-backed firm. Intersouth Partners, Harbert Venture Partners, Aurora Funds, Tullis-Dickerson Capital, CNF Investments, and The Trelys Funds are listed as the venture backers which still own shares.
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JON C. OGG
Aldagen’s full S-1 Filing is here.
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