The number of VC-backed IPOs rose to three in January, from none in December.
The largest IPO in the first month of the year was Jounce Therapeutics, with nearly $102 million worth of shares sold.
The Cambridge, Massachusetts-based company, which develops therapies that enable the immune system to attack tumors, raised more than $100 million from investors, including Third Rock Ventures, according to Thomson Reuters data.
Combined, the three IPOs raised about $280 million in proceeds during the month.
Details below on Jounce and the two other venture-backed companies to go public in the month, which include AnaptysBio Inc and Obseva SA.
IPO Profile: Jounce Therapeutics Inc
Company Details
Cambridge, Mass.
857-259-3840
Description: Jounce Therapeutics Inc is a clinical-stage immunotherapy company. The company is engaged in developing therapies that enable the immune system to attack tumors. Through the use of its Translational Science Platform, the company first focuses on specific cell types within tumors to prioritize targets, and then identify related biomarkers designed to match the right therapy to the right patient. The company’s lead product candidate, JTX-2011, is a clinical-stage monoclonal antibody that binds to and activates the Inducible T cell CO-Stimulator (ICOS), a protein on the surface of certain T cells found in a range of solid tumors. The company has initiated JTX-2011 multi-arm Phase I/II clinical trial in patients with solid tumors. The company is also developing JTX-4014 for use in future combinations with JTX-2011, as well as for use in combination with other future product candidates. The company is developing JTX-4014, a fully human Immunoglobulin G 4 (IgG4) monoclonal antibody.
IPO Details
Exchange and Ticker: Nasdaq: JNCE
Filing Range: 6.36 million shares @ $13 to $15 a share
Date of IPO: 1/27/17
Offering Price: $16
Offering Size: $101.8 million
Closing Price on 1/27/17: $17.25
Closing Price on 1/31/17: $16.58
Shares Outstanding: 31.2 million
Market Capitalization on 1/31/17: $516.75 million
Underwriters: JP Morgan Securities LLC, Cowen & Co
Co-manager: Robert W Baird & Co Inc
Company Counsel: Goodwin Procter LLP
Manager Counsel: Davis Polk & Wardwell
Auditor: Ernst & Young LLP
Investment Details
Backers
- Third Rock Ventures LLC
- Nextech Invest AG
- Foresite Capital Management LLC
- Omega Fund Management LLC
- BPT Asset Management A/S
- Wellington Management Company LLP
Total Funding Raised: $103 million
IPO Profile: AnaptysBio Inc
Company Details
San Diego, Calif.
858-362-6295
Description: AnaptysBio Inc is a clinical stage biotechnology company. The company is engaged in developing antibody product candidates focused on inflammation. The company is engaged in developing product candidates using its antibody discovery technology platform. The company’s antibody programs, ANB020 and ANB019, neutralize therapeutic targets that are genetically associated with severe inflammatory disorders in humans. ANB020 inhibits the activity of the interleukin-33 (IL-33), cytokine for the treatment of moderate-to-severe adult atopic dermatitis, severe adult peanut allergy and severe adult eosinophilic asthma. Its product candidate, ANB019, inhibits the interleukin-36 (IL-36R), receptor for the treatment of rare inflammatory diseases, including generalized pustular psoriasis (GPP), and palmo-plantar pustular psoriasis (PPP). The company is also developing checkpoint receptor agonist antibodies for the treatment of certain autoimmune diseases.
IPO Details
Exchange and Ticker: Nasdaq: ANAB
Filing Range: 5 million shares @ $14 to $16 a share
Date of IPO: 1/26/17
Offering Price: $15
Offering Size: $75 million
Close Price on 1/26/17: $17
Close Price on 1/31/17: $16.95
Shares Outstanding: 19.2 million
Market Capitalization on 1/31/17: $324.75 million
Underwriters: Credit Suisse Securities (USA), Stifel Nicolaus & Co Inc
Co-manager: JMP Securities LLC/ Wedbush Securities
Company Counsel: Fenwick & West LLP
Manager Counsel: Cooley LLP
Auditor: KPMG LLP
Investment Details
Backers
- Avalon Ventures, LLC
- Alloy Ventures Inc
- Frazier Management LLC
- Novo A/S
- HBM Healthcare Investments AG
- BVF Partners LP
- Wilson Sonsini Goodrich And Rosati Professional Corp
- Numenor Ventures LLC
Total Funding Raised: $111.2 million
IPO Profile: Obseva SA
Company Details
Plan-les-Ouates, Switzerland
41-22-700-0587
Description: Obseva SA is a Switzerland-based company active in the pharmaceutical and medical research sector. The company develops oral compounds to treat women’s reproductive health conditions from conception to birth. Its pipeline includes three product candidates: OBE2109 is an oral gonadotropin-releasing hormone (GnRH) receptor antagonist that binds to and blocks the endogenous GnRH from activating its pituitary receptors, which reduces estrogen production by the ovaries and leads to amenorrhea. OBE001 (nolasiban) is an oral, new generation oxytocin antagonist with the potential to inhibit uterine contractions at the time of embryo transfer, thereby enhancing embryo implantation during assisted reproductive technologies (ART). BE022 is an orally active small molecule dinoprost (PGF2a) receptor antagonist.
IPO Details
Exchange and Ticker: Nasdaq: OBSV
Filing Range: 6.45 million shares @ $14 to $16 a share
Date of IPO: 1/26/17
Offering Price: $15
Offering Size: $96.8 million
Closing Price on 1/26/17: $11.65
Closing Price on 1/31/17: $11.66
Shares Outstanding: 29.6 million
Market Capitalization on 1/31/17: $345.5 million
Underwriters: Credit Suisse Securities (USA), Jefferies LLC, Leerink Partners LLC
Company Counsel: Cooley LLP
Manager Counsel: Latham & Watkins
Auditor: PricewaterhouseCoopers SA
Investment Details
Backers
- Sofinnova Ventures Inc
- Novo A/S
- Merck Serono SA
- Rock Springs Capital Management LP
- New Enterprise Associates
- HBM Healthcare Investments AG
- OrbiMed Advisors LLC
Total Funding Raised: $93.3 million
Source: Thomson Reuters
Download Data in Excel:Â IPO Aftermarket as of Jan. 31, 2017
Photo of the exterior of the Nasdaq market site in New York City, Oct. 24, 2016, courtesy of Reuters/Shannon Stapleton
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