Annexon, Inozyme, iTeos snag $564M in upsized IPOs

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The biotech IPO occasion is rolling on by way of summer season as a trio of early-stage biotechs collectively reels in additional than $500 million of their Nasdaq IPOs.

Annexon raised $251 million to advance remedies for neurodegenerative illness, uncommon illness biotech Inozyme bagged $112 million and cancer-focused iTeos Therapeutics picked up $201 million. All three surpassed their respective targets—Inozyme filed earlier this month to boost $86 million in its Wall Road debut, whereas Annexon and iTeos each took intention at $100 million listings.

The businesses be part of an ever-growing listing of biotech corporations who’ve performed the identical, together with Pliant Therapeutics, ORIC Prescribed drugs, Forma Therapeutics and Repare Therapeutics.

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Annexon’s IPO comes on the heels of a $100 million VC spherical slated to push a number of pipeline applications, together with ANX005, an antibody it’s creating for Guillain-Barré syndrome, and ANX007, an antigen-binding fragment, or Fab, for sufferers with neurodegenerative eye problems which might be linked to the complement system, a part of the innate immune response.

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It’ll use $60 million to $70 million to advance ANX005 in Guillain-Barré syndrome and transfer it into heat autoimmune hemolytic anemia, in addition to push ahead one other program, ANX009, for the remedy of “systemic autoimmune illnesses,” in keeping with a securities submitting. Annexon will spend as much as $20 million to develop ANX005 for Huntington illness and amyotrophic lateral sclerosis (ALS) and as much as $25 million will go towards the event of ANX007 in geographic atrophy. Between $65 million and $75 million will bankroll “different analysis and growth actions.”

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As for Inozyme, the preclinical-stage biotech tagged about $45 million to maneuver INZ-701, a remedy for ENPP1 deficiency, a uncommon genetic dysfunction that may trigger kids to develop rickets, into the clinic, in keeping with a securities submitting. One other $40 million will push the candidate right into a section 1/2 research in ABCC6 deficiency, one other genetic dysfunction that causes mineralization within the blood and mushy tissues and might result in blindness, coronary heart problems and pores and skin calcification.

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Like Annexon, iTeos additionally raised some non-public money earlier than submitting to go public. In April, it scored $125 million in a collection B2 spherical to propel its lead property by way of section 1/2 research and, probably, usher two preclinical applications into section 1 in 2021. The IPO proceeds will complement these efforts, it stated in a securities submitting.

The corporate earmarked as much as $120 million to deliver EOS-850, an adenosine A2A receptor antagonist by way of a section 1/2 research in sufferers with superior stable tumors and right into a section 2 trial. It’s testing the drug by itself and plans to mix it with different most cancers medicine, together with Keytruda and chemotherapy combo paclitaxel and carboplatin sooner or later. Between $70 million and $90 million will help the event of EOS-448, an anti-TIGIT antibody in growth for stable tumors and blood cancers, whereas one other $50 million to $70 million is tagged for “different product candidates” and discovery applications.

All informed, the IPO hauls will get the businesses by way of 2022 and, within the case of Annexon and iTeos, into 2023.

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