Compass Therapeutics, a Phase 1 immuno-oncology biotech developing novel protein and antibody therapies, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $50 million by offering 9 million shares at a price range of $5 to $6. At the midpoint of the proposed range, Compass Therapeutics would command a fully diluted market value of $337 million.
The company's lead candidate, CTX-471, is a monoclonal antibody agonist of CD137, a key co-stimulatory receptor on immune cells. Preclinical studies showed that CTX-471 as a monotherapy led to a complete eradication of large tumors in mice. The company initiated a Phase 1 trial in July 2019 in a subset of oncology patients previously treated with PD-1 or PD-L1 immune checkpoint inhibitors, with the Part 2 cohort expansion portion expected to be completed by the 2H21. Compass plans to initiate a Phase 2/3 trial by early 2022.
Compass Therapeutics was founded in 2014 and plans to list on the Nasdaq under the symbol CMPX. Citi, Credit Suisse and Stifel are the joint bookrunners on the deal. It is expected to price during the week of November 9, 2020.
