Ocean Biomedical, a preclinical biotech developing therapies for cancer, infections, and other diseases, revised the terms of its upcoming IPO on Monday.
The Providence, RI-based company now plans to raise $50 million by offering 6.3 million shares at a price range of $7 to $9. The company had previously filed to offer 3.2 million shares at a range of $14 to $17. At the midpoint of the revised range, Ocean Biomedical will raise the same amount of proceeds, but would command a fully diluted market value of $288 million (-43% vs. original terms).
Ocean Biomedical seeks to bridge the "bench-to-bedside" gap by leveraging its strong relationships with research universities to license and develop technology to treat various diseases. The company is currently pursuing preclinical programs in oncology, fibrosis, infectious disease, and inflammation that have been licensed directly or indirectly from Brown University, Stanford University, and Rhode Island Hospital. Ocean Biomedical's preclinical pipeline includes various humanized monoclonal antibodies for the treatment of non-small cell lung cancer and glioblastoma multiforme, a small molecule for the treatment of Idiopathic Pulmonary Fibrosis, a malaria vaccine, and two malaria therapeutics. The company has also licensed Ang 1-7, a COVID-19 therapeutic for which licensor Stanford University has submitted an IND and expects to commence Phase 1/2 trials in the 2H21.
Ocean Biomedical was founded in 2019 and plans to list on the Nasdaq under the symbol OCEA. Berenberg, Oppenheimer & Co., LifeSci Capital, Ladenburg Thalmann, Brookline Capital Markets, and Roth Capital are the joint bookrunners on the deal.
The article Preclinical biotech Ocean Biomedical cuts valuation by 43% ahead of $50 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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