San Diego Business Journal

Celladon Announces Terms of Planned $75M IPO

Monday, November 4, 2013

San Diego-based drugmaker Celladon Corp. announced the terms of its approximately $75 million initial public offering, with plans to release 5 million shares of stock at a price range of $14 to $16 per share.

At the midpoint of the range proposed, this would mean Celladon would command a market value of $257 million, according to Renaissance Capital.

Celladon announced in mid-October that it had filed with the Securities and Exchange commission to go public, joining about 10 other San Diego companies this year to file for or complete an IPO.

Celladon targets a family of calcium-regulating enzymes using gene therapy that has potential therapeutic uses in heart disease, diabetes and neurodegenerative conditions. Its drug candidate, called Mydicar, is being studied in clinical trials for its efficacy in treating heart failure.

The company was formed in 2000, and has 14 employees. It said in the prospectus that with the funds from an IPO it plans to expand its full-time employee base, as well as hire more consultants and contractors.

The company is still pre-revenue stage, and has an accumulated deficit of about $101 million.

The company has brought in $53 million in financing to date from investors that include the venture funds of Novartis AG, Pfizer Inc. and Johnson & Johnson.

J.P. Morgan and Barclays are the joint book runners on the deal.

-SDBJ Staff Report