AnaptysBio Looking for More Funding in IPO

AnaptysBio has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were given in the filing. The company intends to list on the Nasdaq Global Select Market under the symbol ANAB.

The underwriters for the offering are Credit Suisse, Stifel, JMP Securities and Wedbush PacGrow.

This biotechnology company develops first-in-class antibody product candidates focused on unmet medical needs in inflammation and immuno-oncology. AnaptysBio develops its product candidates using a proprietary antibody discovery technology platform called SHM-XEL, which is designed to replicate the natural process of antibody generation in vitro.

The platform is based on a breakthrough understanding of somatic hypermutation, the key biological process utilized by the human immune system to generate antibodies, which enables the company to rapidly develop highly functional antibody drug candidates against emerging biological targets. The most advanced, wholly owned antibody programs, ANB020 and ANB019, bind to therapeutic targets that are genetically associated with severe inflammatory disorders.

ANB020 is an antibody that inhibits the activity of interleukin-33 for the treatment of severe adult asthma and severe adult peanut allergy. AnaptysBio submitted a Clinical Trial Notification (CTN) in Australia for ANB020 in December 2015 and plans to initiate clinical trials in the first half of 2016. ANB019 is an antibody that inhibits the interleukin-36 receptor for the treatment of rare inflammatory diseases called generalized pustular psoriasis and palmo-plantar pustular psoriasis. The company plans to submit a CTN and commence clinical trials for ANB019 by the end of 2016.
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Through November 30, 2015, the company has raised roughly $94.2 million from investors, including Biotechnology Value Fund, Cormorant Asset Management, Frazier Healthcare, HBM Partners, Longwood Capital Partners and Novo A/S.

In the filing the company further detailed:

In addition to our wholly-owned antibody programs, we expect four programs will be advanced by our collaborators to the clinic by the end of 2016. Our collaborations include an immuno-oncology-focused collaboration with TESARO, Inc. and TESARO Development, Ltd., or collectively, TESARO, and an inflammation-focused collaboration with Celgene Corporation, or Celgene. Through November 30, 2015, we have received non-dilutive funding of $51.6 million from our collaborators.

The net proceeds from this offering are expected to be used to fund the development of the pipeline, for working capital and for general corporate purposes.