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Vaccine biotech Vaxxinity sets terms for $101 million IPO

November 5, 2021

Vaxxinity, a Phase 2 biotech developing vaccine therapies for chronic diseases using synthetic peptides, announced terms for its IPO on Friday.

The Dallas, TX-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, Vaxxinity would command a fully diluted market value of $2.1 billion.

Vaxxinity's vision is to disrupt the existing treatment paradigm for chronic diseases, and believes its synthetic peptide vaccine platform (Vaxxine Platform) has the potential to enable a new class of therapeutics. Its Vaxxine Platform is designed to harness the immune system to convert the body into its own "drug factory," stimulating the production of antibodies with a therapeutic or protective effect. Its current pipeline consists of five chronic disease candidates from early to late-stage development across multiple therapeutic areas including Alzheimer's Disease (AD), Parkinson's Disease, migraine, and hypercholesterolemia. Its most advanced candidate, UB-311, targets toxic forms of aggregated amyloid-b in the brain to fight AD. The company expects to initiate a Phase 2b early AD efficacy trial in 2022. Vaxxinity is also developing a candidate for COVID-19 prevention.

Vaxxinity was founded in 2014 and plans to list on the Nasdaq under the symbol VAXX. BofA Securities, Jefferies, and Evercore ISI are the joint bookrunners on the deal.