Two biotechs go for public offerings; Pfizer partner expands oncology collab

13 Sep 2022
endpts.com
After the FDA approved Revance’s Daxxify as a longer-lasting alternative to AbbVie’s cash cow Botox, Revance is looking to top off its coffers. The aesthetics company is offering 8 million shares of its common stock, priced at $25 a piece, for a total expected raise of $200 million in gross earnings. Underwriters, according to Revance, get 30 days to get an additional 1.2 million shares. The offering is expected to close on Thursday. While other details remain few, the company said it plans to use the funds to finance the commercialization of Daxxify and Revance’s other products, with some left aside for working capital and R&D efforts. The FDA just approved Daxxify last week, more than two years after Revance submitted its initial BLA to the regulatory agency. Shares of $RVNC went up more than 30% in the days after approval. Codiak BioSciences has been in near penny stock territory for a few months — and just two weeks after CEO Doug Williams laid out a plan for company survival, Codiak is trying to raise $20 million. The exosome-based biotech announced it was pricing 13.3 million shares of stock, plus 13.3 million warrants at a price of $1.50 a share. The warrants have an exercise price of $1.875 per share and will expire five years after being issued. Underwriters get 30 days to buy just one short of two million shares and warrants at the offering price. The offering, as with Revance, is expected to close Thursday. The game plan that Williams laid out includes axing more than a third of the staff — from 102 to 53 positions. Their original lead therapy — exoSTING — is being sidelined as plans to mount a Phase II study after seeing some early positive data are put on hold. Another mid-stage program for exoIL-12 is also being paused. Per a statement at the time: Tumor profiling biotech Strata Oncology is expanding its clinical collaboration with its Big Pharma partner Pfizer. The trial the two are collaborating on is called Strata PATH (Precision Indications for Approved Therapies), a pan-tumor trial to test the efficacy and safety of different FDA-approved cancer drugs such as Braftovi, Mektovi and Lorbrena in up to six new patient cohorts of early-stage lung, melanoma, colorectal and other cancers. Pfizer already provides those drugs, plus Talzenna and Inlyta, in four late-stage cohorts in the trial. Strata CEO and co-founder Dan Rhodes said in a statement that the new cohorts provide opportunities to look at earlier stage disease. Last year, both Merck and Pfizer backed Strata in a $90 million Series C round, combined with Deerfield Management and several other firms.
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