IPO Profiles: Only two VC-backed IPOs debuted in March on U.S. exchanges

IPO Profile: Corvus Pharmaceuticals Inc

Company Details

Burlingame, Calif.

650-900-4520

www.corvuspharma.com

Description: Corvus Pharmaceuticals, Inc. is a United States-based clinical-stage biopharmaceutical company. The company is focused on the development of agents, which target the immune system to treat patients with cancer. The company is developing drugs and antibodies that block crucial immune checkpoints, and reprogram immune T-cells. Its products include CPI-444, Adenosine production inhibitor (a monoclonal anti-CD73 antibody), Adenosine A2B antagonist and Interleukin-2 (IL-2)-inducible T cell kinase (ITK) inhibitors. CPI-444 is an orally administered antagonist of the adenosine A2A receptor, which is designed to block the action of adenosine that is produced by tumors. Its anti-CD73 monoclonal antibody binds to the enzyme cluster of differentiation 73 (CD73) and has been shown to block its catalytic activity, inhibiting adenosine production by tumor cells. It is also developing orally administered and covalent inhibitors of ITK.

IPO Details

Exchange and Ticker: Nasdaq: CRVS

Filing Range: 4.7 million shares @ $15 to $17

Offering Price: $15

Date of IPO: 3/23/16

Close price as of 3/23/16: $14.25

Offering Size: $70.5 million

Shares Outstanding: 20.4 million

Underwriters: Credit Suisse Securities (USA), Cowen

Co-managers: BTIG LLC. Cantor Fitzgerald & Co

Company Counsel: Latham & Watkins

Manager Counsel: Davis Polk & Wardwell

Auditor: PricewaterhouseCoopers

Market Capitalization on 3/31/16: $295.9 million

Close price on 3/31/16: $14.5

Investment Details

Backers

• OrbiMed Advisors LLC
• Adams Street Partners LLC
• Novo A/S
• BlackRock Inc
• F Hoffmann La Roche AG
• Rock Springs Capital Management LP

Financing Rounds

Date      Amount ($M)    Valuation ($M)

12/05/14              $12.75M               n/a

1/31/15                $4M       n/a

6/10/15                $16.75M               n/a

9/24/15                $75M     n/a

Total funding raised: $108.5 million

Source: Thomson Reuters data.

IPO Profile: Syndax Pharmaceuticals Inc

Company Details

Waltham, Mass.

781-419-1400

www.syndax.com

Description: Syndax Pharmaceuticals Inc is a United States-based clinical-stage biopharmaceutical company. The company is focused on the development of entinostat as a combination therapy in multiple cancer indications with a focus on tumors that are sensitive to immunotherapy, including lung cancer, melanoma, ovarian cancer and triple-negative breast cancer (TNBC). The company is also developing Entinostat as a combination therapeutic in a Phase III clinical trial, which is being conducted with ECOG-ACRIN for advanced hormone receptor positive (HR+) breast cancer. The company’s Entinostat is an oral, small molecule histone deacetylase (HDAC) inhibitor that has direct effects on both cancer cells and immune regulatory cells, and also enhances the body’s immune response to tumors. The company’s product pipeline for immune-oncology includes ENCORE 601, ENCORE 602, ENCORE 603, J1353, NCI-7870 and NCI-9844. Its pipeline for advanced HR+ breast cancer includes E2112.

IPO Details

Exchange and Ticker: Nasdaq: SNDX

Filing Range: 4.4 million shares @ $14 to $16

Offering Price: $12

Date of IPO: 3/3/16

Close price as of 3/3/16: $12.01

Offering Size: $52.8 million

Shares Outstanding: 17.37 million

Underwriters: Morgan Stanley & Co LLC, Citigroup Global Markets Inc

Co-managers: JMP Securities LLC, Oppenheimer & Co Inc

Company Counsel: Hogan Lovells US LLP

Manager Counsel: Cooley LLP

Auditor: Deloitte & Touche LLP

Market Capitalization on 3/31/16: $231.4 million

Close price on 3/31/16: $13.32

Investment Details

Backers

• MPM Capital LLC
• Domain Associates LLC
• Forward Ventures
• BlackRock Inc
• Delos Capital LLC
• Avalon Ventures, LLC
• Pappas Ventures
• Rossiiskaia Korporatsiia Nanotekhnologii GK
• Tavistock Group Inc
• Medura GmbH
• OrbiMed Advisors LLC
• RosnanoMedInvest OOO
• EcoR1 Capital LLC

Financing Rounds

Date      Amount ($M)    Valuation ($M)

• 4/6/07 $20M     n/a
• 8/27/08 $19.6M n/a
• 1/22/10 $9M       n/a
• 8/3/10 n/a         n/a
• 12/20/11 n/a         n/a
• 6/28/12 n/a         n/a
• 12/21/12 n/a         n/a
• 3/1/13 n/a         n/a
• 3/8/13 $20.96M               n/a
• 4/30/13 $1.2M   n/a
• 8/29/13 $9.18M n/a
• 11/20/13 $12.4M n/a
• 6/15/15 $23.96M               n/a
• 8/24/15 $61.25M

Total funding raised: $177.55 million

Source: Thomson Reuters data.