Firms & Funds

IPO Profiles: Six VC-backed companies debuted in May, including one tech company

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IPO Profile: Acacia Communications Inc

Company Details

Maynard, Mass.

978-938-4896

http://acacia-inc.com/

Description: Acacia Communications, Inc. is engaged in delivering coherent optical interconnect products. The company offers its products for communications networks, relied upon by cloud infrastructure operators, and content and communication service providers. Its products include a series of low-power coherent digital signal processor application-specific integrated circuits (DSP ASICs) and silicon photonic integrated circuits (silicon PICs), which it has integrated into families of optical interconnect modules with transmission speeds ranging from 40 to 400 gigabits per second (Gbps) for use in metro and inter-data center markets. Its modules perform a range of DSP and optical functions in optical interconnects. With standard interfaces, the company’s modules are integrated with customer’s network equipment. The company offers siliconization of optical interconnect process. The company sells its products to various network equipment manufacturers.

IPO Details

Exchange and Ticker: Nasdaq: ACIA

Filing Range: 4.50 million shares @ $21 to $23

Offering Price: $23

Price as of 5/16/16: $28.12

Offering Size: $103.5 million

Shares Outstanding: 35.6 million

Underwriters: Goldman Sachs & Co, Merrill Lynch, Pierce, Fenner, Deutsche Bank Securities

Co-managers: Needham & Co LLC, Cowen, Northland Capital Markets

Company Counsel: Wilmer Cutler & Pickering

Manager Counsel: Goodwin Procter LLP

Auditor: Deloitte & Touche LLP

Market Capitalization on 5/31/16: $1.4 billion

Price as of 5/31/16: $39.28

Investment Details

Backers

  • Commonwealth Capital Ventures
  • Egan Managed Capital LP
  • Matrix Partners, L.P.
  • Summit Partners LP

Financing Rounds

Date      Amount ($M)    Valuation ($M)

  • 11/12/10 n/a         n/a
  • 5/15/13 $20         n/a

Source: Thomson Reuters data.

IPO Profile: Intellia Therapeutics Inc

Company Details

Cambridge, Mass.

857-285-6200

http://www.intelliatx.com/

Description: Intellia Therapeutics Inc is a United States-based genome editing company focused on the development of curative therapeutics using a biological tool, CRISPR/Cas9 system. The company’s CRISPR/Cas9 technology edits diseased genes in the human body through a single treatment course. It focuses on the therapeutic applications of CRISPR/Cas9 genome editing. Its portfolio includes CRISPR/Cas9 platform technology, delivery technologies and nucleic acid modifications for human therapeutic use. The company’s CRISPR/Cas9 platform components include the guide ribonucleic acid (RNA) and the Cas9 nuclease (the genetic scissors). It has access to various delivery modalities specific to various in vivo and ex vivo approaches. The company focuses on engineering ex vivo CRISPR/Cas9 cell therapies for chimeric antigen receptor T cell (CAR-T) and hematopoietic stem cell (HSC) applications. It also focuses on the use of in vivo Lipid Nanoparticle (LNP) delivery technology.

IPO Details

Exchange and Ticker: Nasdaq: NTLA

Filing Range: 5.00 million shares @ $16 to $18

Offering Price: $18

Price as of 5/6/16: $22.10

Offering Size: $108 million

Shares Outstanding: 26.9 million

Underwriters: Credit Suisse Securities (USA), Jefferies LLC, Leerink Partners LLC

Company Counsel: Goodwin Procter LLP

Manager Counsel: Latham & Watkins

Auditor: Deloitte & Touche LLP

Market Capitalization on 5/31/16: $796.64 million

Price as of 5/31/16: $29.57

Investment Details

Backers

  • Novartis Venture Funds
  • Atlas Venture Advisors Inc
  • EcoR1 Capital LLC
  • Sectoral Asset Management Inc
  • OrbiMed Advisors LLC
  • Foresite Capital Management LLC

Financing Rounds

Date      Amount ($M)    Valuation ($M)

  • 11/18/14 $15         n/a
  • 1/29/15 $15         n/a
  • 9/3/15 $70         n/a

Source: Thomson Reuters data.

IPO Profile: Merus BV

Company Details

Utrecht, Netherlands

31-30-253-88-00

www.merus.nl

Description: Merus BV is a biotechnology company based in the Netherlands. It develops therapeutic monoclonal antibodies that address multiple targets in the treatment of cancer. The company’s technology base includes transgenic MeMo mouse, which produces therapeutic human antibodies. The technologies are used to create the company’s products, notably Biclonics, antibodies used for the treatment of tumors. The company’s antibody pipeline includes MCLA-12 used for the treatment of solid tumors, which is phase I/II development; MCLA-117, used for the treatment of acute myeloid leukemia, which is in the investigational new drug (IND) phase; MCLA-122, MCLA-134 and MCLA-145, used for the treatment of solid tumors, which is in the discovery phase; and MCLA-114, used for the treatment of multiple myeloma, which is in the discovery phase. Investors include Bay City Capital, Novartis, Pfizer, AGLAIA, Johnson & Johnson and Life Sciences Partners.

IPO Details

Exchange and Ticker: Nasdaq: MRUS

Filing Range: 4.33 million shares @ $14 to $16

Offering Price: $10

Price as of 5/19/16: $10.04

Offering Size: $55 million

Shares Outstanding: 23.6 million

Underwriters: Citigroup Global Markets Inc, Jefferies & Co Inc

Co-manager: Wedbush Securities

Company Counsel: Eversheds

Manager Counsel: Van Doorne

Auditor: KPMG Accountants NV

Market Capitalization on 5/31/16: $202.87 million

Price as of 5/31/16: $8.61

Investment Details

Backers

  • Bay City Capital LLC
  • Johnson & Johnson Innovation-JJDC Inc
  • Life Sciences Partners BV
  • Novartis Venture Funds
  • Sofinnova Ventures Inc
  • Pfizer Inc
  • Novo A/S
  • Rock Springs Capital Management LP
  • Aglaia Biomedical Ventures BV
  • Pfizer Venture Investments
  • RA Capital Management LLC
  • Tekla Capital Management LLC

Financing Rounds

Date      Amount ($M)    Valuation ($M)

  • 1/17/06 n/a         n/a
  • 1/29/10 $30.1     n/a
  • 9/30/13 $42         n/a
  • 1/27/15 n/a         n/a
  • 6/12/15 n/a         n/a
  • 8/26/15 $72.8     n/a
  • 9/30/15 $9           n/a

Source: Thomson Reuters data.

IPO Profile: Oncobiologics Inc

Company Details

Cranbury, N.J.

609-619-3990

http://oncobiologics.com/

Description: Oncobiologics, Inc. is a United States-based biosimilar company. The company is focused on monoclonal antibodies (mAbs), in the therapeutic areas of immunology and oncology. The company’s BioSymphony Platform addresses various challenges in developing and commercializing mAb biosimilars. The company is working on eight biosimilar candidates, namely, ONS-3010, ONS-1045, ONS-1050, ONS-1055, ONS-4010, ONS-3030, ONS-3035 and ONS-3040. Its development platform consists of cell line generation for clone selection, orthogonal analytical characterization and formulation development. Its cell and molecular biology group employs technology, including a FACSAria SORP, Octet RED96, Celigo cell imager and an ambr48 microbioreactor system to screen clones. The formulation development is performed using analytical tools, including light scattering, chromatographic, calorimetric, spectroscopic, particulate, viscosity and density.

IPO Details

Exchange and Ticker: Nasdaq: ONSIU

Filing Range: 5 million shares @ $11 to $13

Offering Price: $6

Price as of 5/16/16: $4.80

Offering Size: $35 million

Shares Outstanding: 22.8 million

Underwriters: Jefferies & Co Inc, Barclays

Company Counsel: Cooley LLP

Manager Counsel: Goodwin Procter LLP

Auditor: KPMG LLP

Market Capitalization on 5/31/16: $119.28 million

Price as of 5/31/16: $5.23

Investment Details

Backers

  • Venbio Partners LLC

Financing Rounds

Date      Amount ($M)    Valuation ($M)

  • 7/27/15 $44         n/a

Source: Thomson Reuters data.

IPO Profile: PhaseRx Inc

Company Details

Seattle

206-805-6300

www.phaserx.com

Description: PhaseRx Inc is a United States-based ribonucleic acid (RNA) therapeutics company. The company is engaged in developing treatments for orphan liver disease using SMARTT Polymer Technology messenger RNA (mRNA) nanoparticles. The company is utilizing its Hybrid mRNA Delivery System, which offers the ability to deliver mRNA therapeutics predictably to selected tissues in vivo, thereby unlocking the value of mRNA as a new therapeutic modality. Its mRNA Technology Platform is designed to address the challenges of RNA delivery through protection of the mRNA in the systemic circulation, specifically targeting hepatocytes and by mediating endosome escape and mRNA delivery into cytoplasm. The platform has been developed into an industrialized system that provides scalable manufacture that is tolerated with minimal induction of innate immunity. Its system has demonstrated delivery of a range of therapeutic mRNAs to the liver, including mRNAs to both cytosolic and secreted proteins.

IPO Details

Exchange and Ticker: Nasdaq: PZRX

Filing Range: 3.7 million shares @ $5 to $7

Offering Price: $5

Price as of 5/18/16: $5.02

Offering Size: $18.5 million

Shares Outstanding: 11.6 million

Underwriters: Laidlaw & Co (UK) Ltd, Roth Capital Partners Inc

Company Counsel: Haynes & Boone

Manager Counsel: Sichenzia Ross & Friedman

Auditor: Peterson Sullivan PLLC

Market Capitalization on 5/31/16: $64.40 million

Price as of 5/31/16: $5.56

Investment Details

Backers

  • Versant Venture Management, LLC
  • Arch Venture Partners LLC
  • 5AM Ventures LLC

Financing Rounds

Date      Amount ($M)    Valuation ($M)

  • 8/17/09 $15         n/a
  • 2/1/12 $3.6        n/a
  • 1/28/14 .1            n/a
  • 5/20/16 $3           n/a

Source: Thomson Reuters data.

IPO Profile: Reata Pharmaceuticals Inc

Company Details

Irving, Texas

972-865-2219

http://reatapharma.com/

Description: Reata Pharmaceuticals is a clinical-stage biopharmaceutical company. The company is focused on identifying, developing, and commercializing product candidates that modulate the activity of regulatory proteins involved in the biology of mitochondrial function, oxidative stress, and inflammation to address the unmet medical needs of patients with a range of serious or life-threatening diseases. The company’s lead product candidates, bardoxolone methyl and RTA 408, are members of a class of small molecules called antioxidant inflammation modulators (AIMs). The company’s Bardoxolone methyl is an AIM, which targets the bioenergetic and inflammatory components of pulmonary hypertension (PH), which can improve functional capacity in patients suffering from certain forms of this disease. The company’s RTA 408 is a close structural analog of bardoxolone methyl that was developed to improve tissue distribution, including blood-brain barrier penetration.

IPO Details

Exchange and Ticker: Nasdaq: RETA

Filing Range: 4 million shares @ $14 to $16

Offering Price: $11

Price as of 5/26/16: $13.07

Offering Size: $60.5 million

Shares Outstanding: 6.8 million

Underwriters: Citi, Cowen, Piper Jaffray

Company Counsel: Vinson & Elkins LLP

Manager Counsel: Goodwin Procter LLP

Auditor: Ernst & Young LLP

Market Capitalization on 05/31/16: $94.43 million

Price as of 5/31/16: $13.85

Investment Details

Backers

  • Novo A/S
  • CIC Partners
  • STARTech Early Ventures
  • University of Texas System

Financing Rounds

Date      Amount ($M)    Valuation ($M)

  • 10/8/02 $.933     n/a
  • 1/29/03 $.5          n/a
  • 6/13/03 $.933     n/a
  • 9/26/03 $2.594   n/a
  • 11/11/04 $12         n/a
  • 3/21/06 $15         n/a
  • 8/4/06 $22.6     n/a
  • 6/20/07 $20.6     n/a
  • 12/4/08 $30.7     n/a
  • 9/28/09 $17         n/a
  • 2/26/10 $1.9        n/a
  • 7/12/10 $59         n/a
  • 7/13/11 $300       n/a

Source: Thomson Reuters data.