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IPO Profiles: Three venture-backed IPOs in December

Three VC-backed companies went public on the Nasdaq and NYSE exchanges in December, compared with 10 in November.

The value of the IPO proceeds fell by more than half to $440 million from $890 million in November. The largest VC-backed U.S. startup to go public in December was the biotech company Denali Therapeutics, which raised $288 million in its debut.

Casa Systems Inc

Company Details

Andover, Mass.

978-688-6706

www.casa-systems.com

Description: Casa Systems Inc provides a software-centric infrastructure solutions. In addition, the company offers solutions for next-generation distributed and virtualized architectures in cable operator, fixed telecom and wireless networks. Its products include axyom software platform, delivery platforms, multi-service applications, capacity expansion products. The company offers a range of solutions including addition of critical bandwidth capacity, flexibility to add new and expand existing services, ability to upgrade networks remotely, reduced network complexity, ability to densify networks, and common platform capabilities to address the needs of both fixed and wireless networks.

IPO Details

Exchange and Ticker: Nasdaq: CASA

Filing Range: 6 million shares @ $15 to $17

Date of IPO: 12/15/17

Offering Price: $13

Closing Price on 12/15/17: $14.40

Offering Size: $89 million

Shares Outstanding: 13.6 million

Closing Price on 12/29/17: $17.76

Market Capitalization on 12/29/17: $242.3 million

Underwriters: Morgan Stanley & Co, Barclays

Co-manager: Raymond James & Associates Inc, Stifel Nicolaus & Co Inc, Macquarie Capital (USA) Inc, Northland Securities Group LLC, William Blair & Co

Company Counsel: Wilmer Cutler & Pickering

Manager Counsel: Wilson Sonsini Goodrich & Rosati

Auditor: PricewaterhouseCoopers

Financial Details

Backers

  • Summit Partners

Total funding raised: $97 million

Denali Therapeutics Inc

Company Details

South San Francisco, Calif.

www.denalitherapeutics.com

Description: Denali Therapeutics Inc is a biotechnology company. The company is focused on the discovery and development of therapies for patients with neurodegenerative disease, including Alzheimer’s disease, Parkinson’s disease, amyotrophic lateral sclerosis (ALS) and others. The company is developing a diversified portfolio of therapeutics, based on scientific insights into the genetic causes and biological processes underlying neurodegenerative disease. The company has selected approximately four specific pathways that are implicated as triggers or effectors of neurodegeneration, including degenogenes (genes that cause neurodegenerative disease when mutated), defective intracellular trafficking, glial dysfunction and axon degeneration. The company’s development programs include Lysosomal Function Pathway, Glial Biology Pathway, and Cellular Homeostasis Pathway. Its product pipeline includes drug candidates such as DNL201, DNL 151, ATV:aSyn, ETV:IDS, DNL747 and ATV:TREM2.

IPO Details

Exchange and Ticker: Nasdaq: DNLI

Filing Range: 13.89 million shares @ $17 to $19

Date of IPO: 12/8/17

Offering Price: $18

Closing Price on 12/8/17: $21.45

Offering Size: $287 million

Shares Outstanding: 304.6 million

Closing Price on 12/29/17: $15.64

Market Capitalization on 12/29/17: $4764.7 million

Underwriters: Goldman Sachs & Co, Morgan Stanley & Co, JP Morgan Securities

Co-manager: Evercore Group

Company Counsel: Wilson Sonsini Goodrich & Rosati

Manager Counsel: Davis Polk & Wardwell

Auditor: Ernst & Young

Financial Details

Backers

  • F-Prime Capital Partners
  • Arch Venture Partners
  • Flagship Pioneering

Total funding raised: $341 million

Quanterix Corp

Company Details

Lexington, Mass

617-301-9400

www.quanterix.com

Description: Quanterix Corporation is a United States-based company, which develops tools for high definition diagnostics. The company offers single molecule array (Simoa) platform, which uses single molecule measurements to access proteins. Simoa focuses on research and clinical testing applications. The company focuses on research and diagnostics for brain injuries, heart disease, cancer and other diseases with its technology. The company offers Simoa HD-1 analyzer, which creates high density arrays of approximately 40 femtoliter microwells. Its Simoa HD-1 analyzer is an automated immunoassay platform with multiplexing and custom assay capability. The company offers Simoa consumables, which include Simoa Discs, Simoa Cuvettes, Simoa Sealing Oil, Simoa Buffers and Disposable Tips. It offers a range of complete assay kits, including multiplex panels, covering a range of therapeutic areas. Its services include Simoa Accelerator Lab and custom assay development services.

IPO Details

Exchange and Ticker: Nasdaq: QTRX

Filing Range: 4.28 million shares @ $14 to $16

Date of IPO: 12/8/17

Offering Price: $15

Closing Price on 12/8/17: $18.18

Offering Size: $64.1 million

Shares Outstanding: 21.2 million

Closing Price on 12/29/17: $21.47

Market Capitalization on 12/29/17: $454.7 million

Underwriters: JP Morgan Securities LLC, Leerink Partners LLC, Cowen & Co

Co-manager: BTIG LLC, Evercore Group

Company Counsel: Mintz Levin Cohn Ferris Glovsky & Popeo

Manager Counsel: Ropes & Gray

Auditor: Ernst & Young

Financial Details

Backers

  • Arch Venture Partners
  • Bain Capital Venture Partners
  • Rowe Price Threshold Partnerships
  • Flagship Pioneering
  • Hercules Capital
  • In-Q-Tel Inc

Total funding raised: $95 million

Source: Thomson Reuters

Photo of IPO letters on dice letters courtesy of KenDrysdale/iStock/Getty Images.

 

Additional Data

Historical number of VC-backed IPOs in December

Historical proceeds of VC-backed IPOs in December