Boundless Bio eyes $88M offering as spring biotech IPO market blooms

21 Mar 2024
www.fiercebiotech.com
IPOGene TherapyPhase 1
At $88.4 million, Boundless Bio has set expectations close to the likes of preclinical gene editing company Metagenomi, which brought in $93.7 million in a February IPO.
Boundless Bio’s anBoundless Biorlier this month of plans to go public was a sign that the biotech IPO windowMetagenomiammed shut after a flurry of offerings at the start of the year.
Boundless Bioany has set out its IPO pricing ambitions at the more modest end of the year’s offerings. Boundless is expecting to sell 6,250,000 shares priced between $15 and $17 per share, according to a March 21 Securities and Exchange Commission filing. This would add up to $100 million assuming the final price falls in the middle of that range. Boundless expects net proceeds would reach around $88.4 million. However, this could rise to $102.3 million if underwriters take up their option to buy an additional 937,000 shares.
At $88.4 million, Boundless has set expectations closer to the likes of preclinical gene editing companBoundlessomi, which brought in $93.7 million in a February IPO, and far below CG Oncology and its whopping $380 million IPO in January, which remains 2024’s largest to date.Boundless
Boundless may end Boundlessng in less from the IPO than from its most recent funding round, including a $Metagenomin haul in in May 2023 that had the backing of big beasts like ArchCG Oncology RA Capital Management. The sizable cash infusion helped fuel the biotech’s clinical ambitions, with two programs now in phase 1 studies.
The precision oncology company, which describes itself as “the world’s leading ecDNA company,” is focused on extrachromosomal DNA, which are double-stranded molecules that can be the Bayere of RA Capital Management
The first program, BBI-335, looks to inhibit checkpoint kinase 1 in the hopes of cooling down ecDNA replication. Boundless said in its original IPO filing earlier this month that proof-of-concecancer anti-tumor activity data on up to 90 patients are expected in the second half of the year. That asset is followed up by BBI-825, which was launched into its first trial last month. An investigational new drug application for a third program isn't expected to be filed until the first half of 2026.
Boundless isn’t the only biotech IPO set for checkpoint kinase 1herapeutics also filed paperwork this month to raise money for phase 2 trials of its lead prospect and a Johnson & Johnson-partnered moleculetumorBBI-825
Editor's Note: This story was updated at 3:37 p.m. ETContineum Therapeutics, 2024, to clarify the number of shares being sold in the offering.Johnson & Johnson
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