Scopus BioPharma, a preclinical biotech developing immuno-oncology gene therapies for cancer, filed on Wednesday with the SEC to raise up to $6 million in an initial public offering. The company originally filed in May 2020 but was ineligible for Renaissance Capital tracking because it was not an underwritten offering.
The New York, NY-based company plans to raise $6 million by offering 1 million shares at a price range of $5.25 to $5.75. At the midpoint of the proposed range, Scopus BioPharma would command a market value of $82 million.
The company's lead candidate is a targeted immuno-oncology gene therapy for the treatment of multiple cancers being developed through a partnership with City of Hope. Preclinical testing at City of Hope showed reduced growth and metastasis, and the company plans to submit an IND for B-cell lymphoma in the 4Q20, with a Phase 1 trial anticipated in the 1Q21.
Scopus BioPharma was founded in 2017 and plans to list on the Nasdaq under the symbol SCPS. The Benchmark Company is the sole bookrunner on the deal.
