Scopus BioPharma, a preclinical biotech developing immuno-oncology gene therapies for cancer, lowered the proposed deal size for its upcoming IPO on Tuesday.
The New York, NY-based company now plans to raise $3 million by offering 0.5 million shares at a price range of $5.25 to $5.75. The company had previously filed to offer 1 million shares at the same range. At the revised deal size, Scopus BioPharma will raise -50% less in proceeds than previously anticipated. Because Scopus BioPharma is now raising less than $5 million, it is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
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.
