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IPO Profiles: Roku leads pack of seven VC-backed IPOs in September

Seven VC-backed companies went public in September, compared with just one in August. The value of the IPO proceeds sold jumped to $750 million, six times the $120 million of August. Los Gatos, California, streaming platform provider Roku led the way with its $220 million IPO sale, valuing the company at more than $1.3 billion. The company had raised $200 million from Menlo Ventures, Globespan Capital Partners and others.

The IPO count for September includes six U.S. and foreign VC-backed companies that went public on the NYSE or Nasdaq exchanges in the United States. VCJ also included in its tally of September IPOs Rovio Entertainment, the Finnish videogame developer of the “Angry Birds” franchise. It debuted on the Nasdaq Helsinki Exchange, taking in $35 million in proceeds and is now valued at slightly above $1 billion.

IPO Profile: Celcuity Inc

Company Details

Minneapolis, Minn.

763-473-0341

www.celcuity.com

Description: Celcuity LLC is a United States-based early stage biotechnology company. The company develops tests that functionally analyze diseased live cells. The company has developed CELx Pathway Profile technology, which combines advancements in primary tissue research with a method of measuring a targeted therapy’s functional pathway effect on live and diseased patient cells. The company offers functional cellular analysis platform that assesses the functionality of the disease-related signaling pathways of patient’s diseased cells ex vivo and determines whether a drug therapy has the effect on diseased cells. The company’s CELx test is designed to determine whether a pathway is functional to therapeutic intervention without regard to the exact mechanism a patient’s tumor may have developed to resist the therapeutic effect. The company’s diagnostic approach helps to identify cancer subtypes.

IPO Details

Exchange and Ticker: Nasdaq: CELC

Filing Range: 2.4 million shares @ $8 to $10 a share

Date of IPO: 9/20/17

Offering Price: $9.50

Closing Price on 9/20/17: $14.29

Offering Size: $22.8 million

Shares Outstanding: 9.77 million

Closing Price on 9/29/17: $12.24

Market Capitalization on 9/29/17: $119.60 million

Underwriters: Craig-Hallum Inc

Company Counsel: Fredrikson & Byron

Manager Counsel: Faegre Baker Daniels LLP

Auditor: Boulay, Heutmaker, Zibell & Co

Investment Details

Backers

  • Brightstone Venture Capital

Total funding raised: $3 million

IPO Profile: Deciphera Pharmaceuticals LLC

Company Details

North Waltham, Mass.

781-209-6400

www.deciphera.com

Description: Deciphera Pharmaceuticals, LLC is a United-States based clinical-stage biopharmaceutical company. The company provides treatment for cancer patients. The company focuses on developing tumor-targeted and immuno-targeted kinase inhibitors. Its switch control inhibitor platform is engaged in producing kinase inhibitors with distinct profiles and anti-cancer effects. Its tumor-targeting therapies include DCC-2618. DCC-2618 is a pan-KIT and PDGFR alpha kinase switch control inhibitor in clinical development for the treatment of KIT and/or Platelet-derived growth factor receptor alpha-driven cancers, including gastrointestinal stromal tumors, glioblastoma multiforme and systemic mastocytosis. Its Immuno-Targeted Therapies include DCC-3014 and Rebastinib. DCC-3014 is a potent and highly-selective immunokinase inhibitor targeting colony stimulating factor receptor 1 (CSF1R). Rebastinib is a TIE2 inhibitor targeting TIE2 expressing macrophages. Rebastinib is in the clinical development stage.

 

IPO Details

Exchange and Ticker: Nasdaq: DCPH

Filing Range: 7.5 million shares @ $15 to $17 a share

Date of IPO: 9/28/17

Offering Price: $17

Closing Price on 9/28/17: $17.65

Offering Size: $127.5 million

Shares Outstanding: 11.8 million

Closing Price on 9/29/17: $18.99

Market Capitalization on 9/29/17: $224.5 million

Underwriters: JP Morgan Securities LLC, Piper Jaffray Cos

Co-manager: Nomura Secs Intl

Company Counsel: Goodwin Procter LLP

Manager Counsel: Davis Polk & Wardwell

Auditor: PricewaterhouseCoopers LLP

Investment Details

Backers

  • Kansas Technology Enterprise Corp
  • New Leaf Venture Partners
  • SV Health Investors

Total funding raised: $198 million

IPO Profile: Nightstarx Ltd

Company Details

London

44-207-611-2077

www.nightstarx.com

Description: NightstaRx Limited (NightstaRx) is a United Kingdom-based biopharmaceutical company. The company focuses on the development of therapies for retinal dystrophies. The company’s lead program is an adeno-associated viral (AAV) vector-based gene therapy to treat Choroideremia, a rare X-linked hereditary retinal dystrophy for which there are no disease-modifying treatments. The gene therapy approach uses a virus known an adeno-associated virus (AAV) to deliver a wild-type copy of the REP-1 gene (AAV2-REP1) into cells of the eye. The procedure of injecting AAV under the retina involves an eye operation, followed by injection of vector in about one tenth of a milliliter of fluid through a narrow needle. This operation is performed under local anesthetic and is a technique carried out by retinal surgeons. In addition, NightstaRx has a pipeline of approximately five program licenses from the University of Oxford through its technology commercialization subsidiary, Isis Innovation.

IPO Details

Exchange and Ticker: Nasdaq: NITE

Filing Range: 5.36 million shares @ $13 to $15 a share

Date of IPO: 9/28/17

Offering Price: $14

Closing price on 9/28/17: $24

Offering Size: $75 million

Shares Outstanding: 28.9 million

Closing Price on 9/29/17: $19.20

Market Capitalization on 9/29/17: $554.97 million

Underwriters: Jefferies LLC, Leerink Partners LLC, BMO Capital Markets

Co-manager: Wedbush Securities, Chardan Capital Markets LLC

Company Counsel: Cooley LLP

Manager Counsel: Covington & Burling

Auditor: Ernst & Young LLP

Investment Details

Backers

  • New Enterprise Associates
  • Syncona Partners
  • Wellington Management Company

Total funding raised: $80 million

IPO Profile: NuCana PLC

Company Details

Edinburgh

44-131-248-3660

www.nucana.com

Description: NuCana PLC is a clinical-stage biopharmaceutical company. The company is focused on improving treatment outcomes for cancer patients by applying its phosphoramidate chemistry technology. The company utilizes its ProTide technology to develop medicines to overcome cancer resistance mechanisms and generate much higher concentrations of anti-cancer metabolites in cancer cells. Its pipeline of products includes Acelarin, NUC-3373 and NUC-7738. Acelarin is a nucleotide analog and is a ProTide transformation of gemcitabine for the treatment of cancer. The company is evaluating Acelarin in four clinical trials across several solid tumor indications. NUC-3373 is a ProTide transformation of the active anti-cancer metabolite of 5-fluorouracil for the treatment of a wide range of cancers. NUC-3373 is in a Phase I trial for the potential treatment of a wide range of solid tumor cancers. NUC-7738 is a ProTide transformation of cordycepin, a novel nucleoside analog.

IPO Details

Exchange and Ticker: Nasdaq: NCNA

Filing Range: 6.67 million shares @ $14 to $16

Date of IPO: 9/28/17

Offering Price: $15

Closing Price on 9/28/17: $16.15

Offering Size: $100 million

Shares Outstanding: 31.8 million

Closing Price on 9/29/17: $18.37

Market Capitalization on 9/29/17: $584.37 million

Underwriters: Citigroup Global Markets Inc, Jefferies LLC, Cowen

Co-manager: William Blair & Co

Company Counsel: Mintz Levin Cohn Ferris Glovsky & Popeo

Manager Counsel: Cooley LLP

Auditor: Ernst & Young LLP

Investment Details

Backers

  • Sofinnova Ventures Inc
  • Morningside Technologies
  • Scottish Enterprise Glasgow
  • Sofinnova Partners SAS

Total funding raised: $67.5 million

IPO Profile: Roku Inc

Company Details

Los Gatos, Calif.

888-600-7658

www.roku.com

Description: Roku Inc is a United States-based company engaged in creating streaming platform for delivering entertainment to the television. The company’s products include Roku 4, Roku 3, Roku 2, Roku 1, Roku Streaming Stick and accessories, such as cables, remote controls, power adapters and headphones. Its Roku streaming players and the Roku Streaming Stick are sold through retailers in the United States, Canada, the United Kingdom, the Republic of Ireland, Mexico and France. It licenses a reference design and operating system to television manufacturers to create co-branded Roku TV models. Under the Roku Powered program, it licenses its streaming platform to pay television providers who want to use the Internet to deliver entertainment services through streaming players. It sells Roku streaming players in retail, through its licensing arrangements with television original equipment manufacturers and pay television operators.

Competition: OpenTV Corp., Technicolor, TiVo, Inc., Vudu, Apple, Inc., Digital Video Systems,

Boxee, SnapStream Media, Syabas Technology, Microsoft

IPO Details

Exchange and Ticker: Nasdaq: ROKU

Filing Range: 9 million shares @ $12 to $14

Date of IPO: 9/28/17

Offering Price: $14

Closing Price on 9/28/17: $23.50

Offering Size: $219.4 million

Shares Outstanding: 18 million

Closing Price on 9/29/17: $26.54

Market Capitalization on 9/29/17: $478.2 million

Underwriters: Morgan Stanley & Co, Citigroup Global Markets Inc, Allen & Co Inc, RBC Capital Markets

Co-manager: Needham & Co LLC, Oppenheimer & Co Inc, William Blair & Co

Company Counsel: Cooley LLP

Manager Counsel: Davis Polk & Wardwell

Auditor: Deloitte & Touche LLP

Investment Details

Backers

  • Menlo Ventures
  • Hearst Corp
  • Fidelity Investment Funds
  • Globespan Capital Partners

Total funding raised: $197 million

IPO Profile: Rovio Entertainment

Company Details

Espoo Finland

35-820-788-8300

www.rovio.com

Description: Rovio Entertainment Ltd is a Finland-based developer and publisher of two- and three-dimensional wireless games. The company’s titles include Need for Speed, Darkest Fear, War Diary: Burma, Burnout, SWAT: Elite Troops, Collapse Chaos, Bounce Boing Voyage, and Star Marine, among others. It has also developed the Angry Birds franchise, including the games Angry Birds, Angry Birds Seasons and Angry Birds Rio, as well as The Big Red Doodle Book, The Big Green Doodle Book and Bad Piggies Egg Recipes.

IPO Details

Exchange and Ticker: Nasdaq: ROVIO

Filing Range: $12 to 14 a share

Date of IPO: 9/29/17

Offering Price: $14

Closing Price on 9/29/17: $11.50

Offering Size: $35 million

Shares Outstanding:

Closing Price on 9/29/17: $11.50

Market Capitalization: $1 billion

Investment Details

Backers

  • Accel Partners
  • Atomico Ventures
  • Felicis Ventures

Total funding raised: $59 million

IPO Profile: ZAI Laboratory Inc

Company Details

Shanghai, China

862-161-632-588

www.zailaboratory.com

Description: Zai Laboratory Inc is principally engaged in the research and development of bio-pharmaceutical products and pharmaceutical intermediates. The company also involves in the provision of technology transfer and technology consulting services.

IPO Details

Exchange and Ticker: Nasdaq: ZLAB

Filing Range: 8 million shares @ $16 to $18

Date of IPO: 9/20/17

Offering Price: $18

Closing Price on 9/20/17: $27.93

Offering Size: $144 million

Shares Outstanding: 80.4 million

Closing Price on 9/29/17: $27

Market Capitalization on 9/29/17: $2.17 million

Underwriters: JP Morgan Securities LLC, Citigroup Global Markets Inc, Leerink Partners LLC

Company Counsel: Ropes & Gray

Manager Counsel: Davis Polk & Wardwell

Auditor: Deloitte Touche Tohmatsu

Investment Details

Backers

  • OrbiMed Advisors
  • Taifu Capital
  • Sequoia Capital
  • Qiming Venture Partners
  • Rock Springs Capital Management
  • Vivo Capital
  • Kleiner Perkins Caufield & Byers

Total funding raised: $160 million

Source: Thomson Reuters

Photo of a video sign with the logo for Roku Inc in Times Square after the company’s IPO at the Nasdaq Market in New York, Sept. 28, 2017. Reuters/Brendan McDermid

 

Additional Data

Historical number of VC-backed IPOs in September

Historical proceeds of VC-backed IPOs in September