Tyra Biosciences, a preclinical biotech developing FGFR inhibitors for cancer, announced terms for its IPO on Thursday.
The Carlsbad, CA-based company plans to raise $101 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Tyra Biosciences would command a fully diluted market value of $584 million.
Tyra Biosciences is a precision oncology company focused on developing purpose-built therapies for tumor resistance. The company is using its proprietary SNÅP platform to generate next-generation candidates that are specifically designed to address acquired drug resistance and provide alternative treatment options. It is initially focused on developing a pipeline of selective inhibitors of the Fibroblast Growth Factor Receptor (FGFR) family. Its lead candidate, TYRA-300, is designed to selectively inhibit FGFR3, with an initial focus on patients with bladder cancer. Tyra anticipates filing an IND for TYRA-300 in mid-2022.
Tyra Biosciences was founded in 2018 and plans to list on the Nasdaq under the symbol TYRA. BofA Securities, Jefferies, and Cowen are the joint bookrunners on the deal. It is expected to price during the week of September 13, 2021.
