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Structure finalizes $111M IPO while cancer-focused Intensity reveals Nasdaq ambitions
30 Jan 2023
Phase 1IPOPhase 2
Some of the proceeds from Intensity's IPO will be used to push INT230-6 into a phase 3 trial for sarcoma, as well as develop a second candidate.
The San Francisco and Shanghai-based biotech confirmed in an SEC filing today that it would be offering almostMineralys Therapeuticspositary shares—representing close to 27 million ordinary shStructure Therapeutics0 and $15 per ADS. Assuming the final price ends up in the middle of that range, the company is expecting a haul of $111.5 million, rising to $129 million if underwriters decide to buy up additional ADSs available.
Structure, which until August was known as ShouTi, is focused on G-protein-coupled receptors, or GPCRs. Its lead program is an oral GLP-1R agonist, dubbed GSBR-1290, which is in a phase 1 trial for type 2 diabetes and obesity.
The biotech also has another candidate in the clinic in the form G-protein-coupled receptors a GPGPCRslled APJR. The therapy has alrGLP-1R agonistGLP-1Rompleted an earlyGSBR-1290udy in idiopathic pulmonary fibrostype 2 diabetesy hypobesityon and Structure has plans for a phase 2 trial. In the summer, the company added an additional $33 million to an oversubscribed financing round, bringing total series B funding to $100 million.
A far more modest IPO is also in the works courtesy of Intensity TheANPA-0073, which is offering over 1.7 mAPJRon shares of common stock at an estimated price of $4.50 apiidiopathic pulmonary fibrosis cancpulmonary hypertensionects total proceeds of $6.1 million, rising to $7.2 million if underwriters take advantage of the option to secure additional shares, according to an SEC filing.
Intensity’s only asset is INT230-6, which consists of tIntensity Therapeuticsr cytotoxic agents, cisplatin and vinblastine sulfate. A phase 1/2 trial in a range of cancers was launched in 2017, with dacancer being finalized ahead of a readout. There’s also an ongoing phase 2 trial of the drug as a treatment prior to surgery in early stage breast cancer.
Intensityhe expected proceINT230-6 the IPO will be used to push INT230-6cancera phase 3 trial forcisplatin as wvinblastine sulfatecond candidate in INT33X, which iscancerstly being tested in mice.early stage breast cancer
Analysts will be keeping a close eye on whether IPOs pick up oveINT230-6ming weeks as a sign of a sarcomaal biotech market recovery. While 2021 saw INT33X-breaking listings, valuations began to cool toward the end of the year, with experts’ predictions of a slump in 2022 proving correct as emerging biotechs watched their peers list their tickers just to take a beating and ultimately trade well below their initial price.
Still, there were some signs the scene was beginning to heat up again later in 2022, with Third Harmonic’s $185 million IPO in late August and Prime Medicine’s $175 million offering in October being two notable examples. Mineralys’ filing came the same day that Alzheimer’s-focused Aprinoia Therapeutics inked a SPAC merger—a once popular way for biotechs to go public while avoiding the traditional IPO route.
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