Another cancer-focused biotech company is readying to tap the public market this week.
The IPO Terms
Stamford, Connecticut-based Springworks Therapeutics, Inc. has filed with the SEC for offering 9 million shares of its common stock, upsized from the initially communicated $7.4 million.
The offering is estimated to be priced between $16 and $18, and at the midpoint of the estimated price range, the offering is expected to raise gross proceeds of $153 million.
The company's shares have been approved for listing on the Nasdaq under the ticker symbol SWTX.
JPMorgan, Goldman Sachs, Cowen and Wedbush PacGrow are the underwriters for the offering.
Springworks, founded in Aug. 2017, is a clinical-stage biopharma company applying a precision medicine approach to develop medicines for rare diseases and cancer. It has a differentiated portfolio of small molecule targeted oncology product candidates.
The company's most advanced product candidate, nirogacestat is an oral, small molecule gamma secretase inhibitor, in development for desmoid tumors – a rare soft tissue tumor for which there are currently no approved therapies. It was in-licensed from Pfizer Inc. (NYSE: PFE).
In May, the company initiated a potentially registrational Phase 3 clinical trial, dubbed DeFi, for the indication.
A second product candidate, mirdametinib, is a small molecule MEK inhibitor, initially being developed for neurofibromatosis type 1-associated plexiform neurofibromas, a rare tumor of the peripheral nerve sheath that often manifests in children. The company plans a potential registrational Phase 2b trial, dubbed ReNeu, in the third quarter of 2019.
Source: S-1 filing
Springworks reported a loss of loss of $4.64 million for fiscal 2017, which widened to $17.81 million for fiscal 2018.
The loss for the six-month period ended June 30 was $17.53 million, wider than the year-ago loss of $6.59 million.
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