Kodiak Sciences Announces Potential Pricing for IPO

By Chris Lange Updated Jan 11, 5:26PM EST · Published Sep 24, 12:10PM EDT

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Kodiak Sciences Announces Potential Pricing for IPO — © Thinkstock

Kodiak Sciences has registered an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company expects to price its 9.0 million shares in the range of $13 to $15 a piece, with an overallotment option for an additional 1.35 million shares. At the maximum value, the entire offering is valued up to $155.25 million. The company intends to list its shares on the Nasdaq under the symbol KOD.

The underwriters for the offering are Morgan Stanley, Merrill Lynch, Barclays and Chardan.

This is a clinical-stage biopharmaceutical company specializing in novel therapeutics to treat chronic, high-prevalence retinal diseases. Its most advanced product candidate is KSI-301, a biologic therapy built with its antibody biopolymer conjugate (ABC) platform, which is designed to maintain potent and effective drug levels in ocular tissues.

Management believes that KSI-301, if approved, has the potential to become an important anti-VEGF therapy in wet age-related macular degeneration (wet AMD), and diabetic retinopathy (DR). KSI-301 and the ABC Platform were developed at Kodiak, and the firm owns worldwide rights to those assets, including composition of matter patent protection for KSI-301.

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Kodiak has applied its ABC Platform to develop additional product candidates beyond KSI-301, including KSI-501, its bispecific anti-IL-6/VEGF bioconjugate. Management intends to progress these and other product candidates to address high-prevalence ophthalmic diseases.

The company detailed its plans for the net proceeds in the filing as follows:

To advance KSI-301 through enrollment of the Phase 2 clinical trial in the U.S., EU and rest of the world in patients with wet AMD and to expand the scope of our Phase 1 clinical trial for KSI-301 through completion of a Phase 1b clinical trial;

To advance KSI-301 into Phase 2 clinical trials in China for wet AMD and DME/DR;

To advance KSI-301 into the Phase 2 clinical trial in the U.S., EU and rest of the world in patients with DME/DR;

Towards research and development of our pipeline including KSI-501, and to initiate additional clinical studies in ophthalmology; and

The remainder for working capital and other general corporate purposes.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.