Ocean Biomedical, a preclinical biotech developing therapies for cancer, infections, and other diseases, announced terms for its IPO on Wednesday.
The Providence, RI-based company plans to raise $50 million by offering 3.2 million shares at a price range of $14 to $17. The Regents of the University of California has agreed to purchase in a concurrent private placement a number of shares equal to the lesser of $15 million and 10% of the aggregate cash price paid by the underwriters, at a price per share equal to 90% of the offer price. At the midpoint of the proposed range, Ocean Biomedical would command a fully diluted market value of $506 million.
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 sets terms for $50 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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