The Biotech IPO Queue Grows Longer as Five More Companies File (Xconomy)
- Alkero Therapeutics, $86 Million.
- Prevail Therapeutics, $100 Million.
- Dermavant Sciences, $100 Million.
- BridgeBio, $225 Million.
- Atreca, $100 Million.
May 28th, 2019 Xconomy National
The biotech IPO train is rolling onward, with five more companies climbing aboard. The companies, ranging from a late-stage firm looking to finance Phase 3 studies to preclinical companies laying the groundwork for their first drug trials with human subjects, submitted their paperwork to the SEC late Friday—just before the start of Memorial Day weekend.
Here’s a look at these aspiring public companies, their programs, and their plans for the IPO cash.
—Akero Therapeutics set a preliminary $86.2 million target for its IPO. The South San Francisco company is among the growing number of biotechs developing drugs to treat nonalcoholic steatohepatitis (NASH), a type of fatty liver disease that has no FDA-approved therapies. Akero acquired its NASH drug, AKR-001, from Amgen (NASDAQ: AMGN), which the IPO filing shows owns a 5 percent stake in the company.
The Akero drug is an engineered version of fibroblast growth factor 21, a protein that plays a role in metabolism. Akero says its drug is intended to reduce both liver fat and scarring in the organ that is a hallmark of NASH.
If Akero completes the stock offering, it plans to list its shares on the Nasdaq exchange under the stock symbol “AKRO.” So far, Akero has completed Phase 1 studies. According to the IPO prospectus, the FDA on May 24 cleared the company to advance the drug to Phase 2a testing. Akero says in the filing that it plans to use the IPO proceeds to complete mid-stage studies.