Aura Biosciences, a Phase 2 biotech developing virus-like drug conjugates for ocular and urologic solid tumors, raised $76 million by offering 5.4 million shares at $14, the low end of the range of $14 to $16. The company originally planned to offer 5 million shares at the same range. At pricing, Aura Biosciences commands a fully diluted market value of $428 million.
Aura's proprietary platform enables the targeting of a broad range of solid tumors using Virus-Like Particles that can be conjugated with drugs or loaded with nucleic acids to create Virus-Like Drug Conjugates (VDCs). AU-011, its first VDC candidate, is being developed for the first line treatment of primary choroidal melanoma, a rare disease with no drugs approved. The company has advanced AU-011 into a Phase 2 dose escalation trial, where it is currently evaluating suprachoroidal administration. Aura plans to present six to twelve month safety and efficacy data from this trial in 2022, and, if favorable, initiate a pivotal trial in the 2H22.
Aura Biosciences plans to list on the Nasdaq under the symbol AURA. Cowen, SVB Leerink, and Evercore ISI acted as lead managers on the deal.
