Prometheus Biosciences, a Phase 1 biotech developing precision antibody therapies for IBD and related diseases, raised the proposed deal size for its upcoming IPO on Thursday.
The San Diego, CA-based company now plans to raise $167 million by offering 9 million shares at a price range of $18 to $19. The company had previously filed to offer 7.4 million shares at a range of $16 to $18. At the midpoint of the revised range, Prometheus Biosciences will raise 33% more in proceeds than previously anticipated.
Prometheus' lead candidate, PRA023, is an IgG1 humanized monoclonal antibody that has been shown to block the TL1A. The company is developing PRA023 for the treatment of ulcerative colitis (UC) and Crohn's disease (CD), and initiated a Phase 1a trial in normal healthy volunteers in December 2020. It expects to commence in parallel in 2021 a Phase 2 randomized placebo-controlled trial in patients with moderate-to-severe UC and an open-label Phase 1b trial in patients with moderate-to-severe CD, with data expected in the 2H22 for both indications.
Prometheus Biosciences was founded in 2016 and booked $1 million in collaboration revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol RXDX. SVB Leerink, Credit Suisse, Stifel and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of March 8, 2021.
