Boundless Bio Launches $100M IPO to Advance Cancer Therapy Candidates
28 Mar 2024
IPOOligonucleotide
Pictured: Nasdaq signage and building in New York City/iStock, hapabapa
Boundless Bio on Wednesday unveiled additional details regarding its previously announced initial public offering. The cancer-focused biotech will put up for sale 6.25 million shares of its common stock at a price of $16 apiece to generate gross proceeds of $100 million.
Boundless can also potentially raise additional funds through a 30-day option offering, which would allow underwriters to buy up to 937,500 more shares of the company’s common stock at the defined initial public offering (IPO) price, minus certain discounts.
With its IPO, Boundless will debut on the Nasdaq Global Select Market on Thursday under the ticker symbol BOLD. The biotech expects to close its offering on April 2, 2024, contingent on customary closing conditions.
Goldman Sachs, Guggenheim Securities, Piper Sandler and Leerink Partners are joint book-running managers for Boundless’ IPO.
Earlier this month, the biotech announced its plans to go public but did not specify how much it expected to raise.
According to its SEC filing at the time, Boundless will use the IPO proceeds to fund the development of its extrachromosomal DNA (ecDNA) programs, being developed for cancer indications. The biotech will also use the funds to develop a diagnostic test, which it has currently named ECHO, to detect ecDNA in patients.
Boundless has two ecDNA programs in the clinic, though both are still in early stages of study. The first, BBI-355, is the company’s lead program and inhibits checkpoint kinase 1, a central player in the replication and transcription of ecDNA. The biotech is testing BBI-355 in the Phase I/II POTENTIATE trial and expects an early readout later this year.
Its second clinical candidate is BBI-825, which is being assessed in the Phase I/II STARMAP study, with data expected in the second half of 2025. BBI-825 is an orally available blocker of the enzyme ribonucleotide reductase, which functions in the assembly and repair of ecDNA.
In addition to its two clinical candidates, Boundless is working on a discovery-phase ecDNA program, for which it plans to Investigational New Drug application as early as the first half of 2026.
Boundless joins a growing group of biotechs that have gone public this year, following the sector’s 2023 IPO winter. First out of the gate was CG Oncology, which in January 2024 secured $380 million in an oversized offering.
Several other companies have since followed, including ArriVent Biopharma, Kyverna Therapeutics, Alto Neuroscience, Fractyl Health and Metagenomi.
Tristan Manalac is an independent science writer based in Metro Manila, Philippines. Reach out to him on LinkedIn or email him at tristan@tristanmanalac.com or tristan.manalac@biospace.com.
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