2nd time’s the allure for Codiak Biosciences and its $83M IPO

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It could have taken 18 months, however Codiak Biosciences is lastly on the general public markets. The exosome biotech pulled off an $83 million Wall Avenue debut, falling wanting the $100 million it sought in September when it filed to go public for the second time.

Codiak tagged the majority of the proceeds, almost $60 million, to advance its lead program, exoSTING, via a section half examine prematurely or metastatic, recurrent stable tumors, assist discovery and preclinical R&D, and broaden its engEx expertise that underpins its applications, in line with a securities submitting. About $10 million will propel a second program, exoIL-12, via a section 1 trial in well being individuals and sufferers with cutaneous T-cell lymphoma.

The corporate figured the IPO proceeds, together with the money it already has within the financial institution, will fund its work into the center of 2022. After all, that horizon might have to be adjusted because it was based mostly on a $100 million deal.

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Lengthy considered the cell’s rubbish elimination system, exosomes carry payloads like proteins or RNAs from one cell to a different. Codiak’s engEx platform engineers drug molecules into exosomes to get medication the place they should go. As a result of they’re derived from human cells and launched and obtained by almost each cell within the physique, exosomes can bypass the immune response that repels invaders.

As one may guess, the exoSTING program delivers a drug that prompts the STING (stimulator of interferon genes) pathway in tumors, whereas exoIL-12 carries the interleukin IL-12 to ramp up an anti-tumor immune response.

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The Cambridge, Massachusetts-based biotech emerged in 2015 with $31 million in VC funding and ex-Biogen R&D chief Doug Williams on the helm. It picked up one other $61 million in a collection B spherical simply months later and, in 2017, topped that up with a $76.5 million collection C.

In April 2019, Codiak was able to hit the Avenue, submitting to lift as much as $86 million in its IPO. It withdrew that try two months later and refiled in September this yr.

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