Alopexx, a Phase 2 biotech developing immune therapies for bacterial, fungal, and parasitic infections, raised the proposed deal size for its upcoming IPO on Friday.
The Cambridge, MA-based company now plans to raise $33 million by offering 3 million shares at a price range of $10 to $12. The company had previously filed to offer 2.4 million shares at $5 in September 2024. Alopexx originally filed in March 2022, and first set offering terms in August 2022. At the midpoint of the revised terms, Alopexx will raise 175% more in proceeds than previously anticipated and command a fully dilutive market cap of $102 million (+175% versus previous terms).
Because Alopexx will now command a market capitalization above $50 million, it will be eligible for inclusion in Renaissance Capital’s IPO statistics.
Alopexx's most advanced candidate, F598, has completed Phase 1 and pilot Phase 2 trials and was well tolerated with no serious adverse events observed. A single infusion provides immediate protection lasting 2-3 months, and the company intends to study F598 in ICU patients, where hospital-associated infections are prevalent, with the goal of establishing it as the standard of care for preventing and ameliorating gram-negative and gram-positive bacterial and fungal infections. Alopexx's other candidate, synthetic PNAG vaccine AV0328, also completed a Phase 1 trial and was found to induce antibodies capable of killing a wide range of PNAG-expressing pathogens, with in vitro efficacy demonstrated against every pathogen tested across more than 10 microbial species. Beyond infectious diseases, Alopexx believes both therapeutics have potential applicability in neurological conditions, including Alzheimer's Disease and Traumatic Brain Injury, where PNAG-containing microbial fragments are thought to drive chronic inflammation and cognitive decline.
Alopexx was founded in 2006. It plans to list on the NYSE American under the symbol ALPX. ThinkEquity is the sole bookrunner on the deal.
