Healthcare IPOs For July 17

So far this month, 6 companies belonging to the healthcare sector have made their stock market debut.

Now, let’s take a look at tomorrow’s IPOs.

1. Pandion Therapeutics Holdco LLC

Watertown, Massachusetts-based Pandion Therapeutics is a clinical-stage biopharmaceutical company developing novel therapeutics for patients suffering from autoimmune diseases.

Pandion Therapeutics is scheduled to list its stock on the Nasdaq Global Select Market, under the symbol “PAND”, on July 17, 2020.

* The company has offered to sell 7.0 million shares in the offering – with the initial public offering price expected to be between $16.00 and $18.00 per share. The underwriters have a 30-day option period to purchase up to 1.05 million additional shares.

Underwriters of the IPO:

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, SVB Leerink LLC, BMO Capital Markets Corp.

Pipeline and Near-term Catalysts:

–The company’s lead product candidate is PT101, which is in phase Ia trial for the treatment of ulcerative colitis, with final data expected in the first half of 2021.

— Up next is PT627, currently in preclinical development for the treatment of autoimmune disease. This compound is expected to enter into IND-enabling studies in the first half of 2021.

— Also in the pipeline are two more compounds in preclinical development – PT002 and PT001 for the treatment of gastrointestinal and liver diseases. IND-enabling studies for PT001 are expected to begin in the first half of 2021.

2. ACell Inc.

Columbia, Maryland-based ACell is a regenerative medicine company developing products primarily used in acute care settings as part of the treatment of moderate to severe wounds to assist in the reinforcement of soft tissue surgical defects.

ACell is scheduled to list its stock on the Nasdaq Global Select Market, under the symbol “ACLL”, on July 17, 2020.

The company has offered to sell 5.0 million shares in the offering – with the initial public offering price expected to be between $14.00 and $16.00 per share. The underwriters have a 30-days option to purchase up to 750,000 additional shares.

Underwriters of the IPO:

UBS Securities LLC, Barclays Capital Inc., RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc.

Products:

The company’s urinary bladder matrix (UBM) product is designed to restore natural tissue and minimize scarring in the management of traumatic, surgical and chronic wounds, hernias and other conditions requiring the reinforcement of soft tissue.

ACell has sold more than 500,000 units of its urinary bladder matrix products in the U.S. since its commercial launch in 2009.

The company has 17 clearances from the U.S. FDA, and many of its products are also approved for sale in Canada and Saudi Arabia. Regulatory approvals are also being sought in several international markets including China, South Korea, and the European Union.

ACell markets and sells directly to hospitals, group purchasing organizations, integrated delivery networks, and government facilities including the Department of Veterans Affairs and Department of Defense medical facilities.

Financial Numbers:

For the three months ended March 31, 2020, the company reported a net loss of $2.67 million or $0.56 per share compared to a profit of $66 thousand or breakeven per share in the year-ago period.

Revenue for the recent quarter slipped to $23.68 million from $24.15 million in the previous year, on reduced elective surgeries due to the COVID-19 pandemic.

3. ALX Oncology Holdings Inc.

Burlingame, California-based ALX Oncology Holdings is a clinical-stage immuno-oncology company developing therapies targeting CD47 checkpoint pathway for blood and solid tumor cancers.

The company is scheduled to list its IPO on the Nasdaq Global Market under the symbol “ALXO” on July 17, 2020.

ALX Oncology Holdings has offered to sell 8.0 million shares of common stock in the offering, and the underwriters have an option for 30 days to purchase up to 1.2 million additional shares.

The initial public offering price is expected to be between $15.00 and $17.00 per share.

Underwriters of the IPO:

Jefferies LLC, Credit Suisse Securities (USA) LLC, Piper Sandler & Co., Cantor Fitzgerald & Co., LifeSci Capital LLC

Pipeline and near-term catalysts:

The company’s lead product candidate is ALX148, a next-generation CD47 blocking therapeutic, which is being studied across a variety of cancers.

A phase Ib trial of ALX148 in combination with rituximab for the treatment of non-Hodgkin’s lymphoma or NHL, is underway.

A phase Ib/II trial of ALX148 in combination with azacitidine for myelodysplastic syndromes, or MDS, is expected to be initiated by the end of 2020.

— A phase Ib/II trial of ALX148 in combination with standard of care agents for acute myeloid leukemia, or AML, is expected to be initiated in 2021.

— A phase II trial of ALX148 in combination with Keytruda for the first-line treatment of head and neck squamous cell carcinoma, or HNSCC, is expected to be initiated in the first half of 2021.

— A phase II trial of ALX148 in combination with Herceptin for second-line treatment of HER2-positive gastric/gastroesophageal junction, or GEJ, carcinoma is expected to be initiated in the second half of 2021.

4. Berkeley Lights Inc.

Emeryville, California-based Berkeley Lights Inc. is a digital cell biology company developing biotherapeutics and other cell-based products.

The company has developed what is known as the Berkeley Lights Platform that captures and delivers rich single-cell data to find the best cells. Berkeley Lights’ customers include biotechnology companies, contract research organizations, synthetic biology companies, and academic institutions.

Founded in 2011, the company is scheduled to list its common stock on The Nasdaq Global Market under the symbol “BLI” on July 17, 2020.

Berkeley Lights has offered to sell 7.4 million shares in the offering. The initial public offering price is expected to be between $16.00 and $18.00 per share.

The company has granted the underwriters an option for 30 days to purchase up to 1.11 million additional shares.

Underwriters of the IPO:

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Cowen and Company, LLC, William Blair & Company, L.L.C.

Financial Numbers:

For the three months ended March 31, 2020, the company’s net loss widened to $8.4 million or $3.02 per share from $4.2 million or $1.84 per share in the yea-ago quarter.

Total revenues for the first quarter of 2020 were $13.8 million compared to $12.6 million in the year-ago period.

*The article is amended to include the upsized offering of Pandion Therapeutics.

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