Phase 1 biotech Prometheus Biosciences files for a $125 million IPO

Prometheus Biosciences, a Phase 1 biotech developing precision antibody therapies for IBD and related diseases, filed on Friday with the SEC to raise up to $125 million in an initial public offering.

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.

The San Diego, CA-based company 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. Prometheus Biosciences filed confidentially on August 28, 2020. SVB Leerink, Credit Suisse, Stifel, and Guggenheim Securities are the joint bookrunners on the deal. No pricing terms were disclosed.

The article Phase 1 biotech Prometheus Biosciences files for a $125 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

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