Inhibrx Inc. completed its initial public offering on Aug. 20, gaining an estimated $125.7 million to push its business forward. The biotech uses protein engineering as a way of developing drugs to fight cancer and other diseases.
The offering consisted of 8.05 million shares at $17 per share, raising $136.9 million. Some of the funds will go toward underwriting discounts, commissions and expenses.
Shares were priced at the midpoint of the anticipated $16-$18 range.
Shares of Inhibrx, now trading on the Nasdaq as INBX, gained 8% to close at $18.36 on Aug. 26, giving the company a market capitalization of $692.4 million.
A Second Attempt
It was not Inhibrx’s first try at an IPO. The business registered for a public offering in June 2019, but withdrew its plan in November without comment.
The second attempt proved successful. The business now plans to use proceeds of the IPO, as well as existing cash, to fund phase one clinical trials for four therapeutic candidates, called INBRX-109, INBRX-106, INBRX-105 and INBRX-101. In addition, it plans to scale-up manufacturing for each. Funds will also be used for other research and development activities, working capital and general corporate purposes.
Jefferies, Evercore ISI and Credit Suisse acted as joint book-running managers for the offering. LifeSci Capital acted as co-manager for the offering. The underwriters exercised their option to buy 1.05 million shares at $17 per share.
Based in the biotech-heavy Torrey Pines Mesa area of La Jolla, Inhibrx describes itself as a clinical-stage biotechnology company focused on developing a broad pipeline of novel biologic therapeutic candidates. It uses diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary platform called sdAb.
Inhibrx is focused on oncology and respiratory diseases. The business has collaborations with Elpiscience, bluebird bio, Celgene and Chiesi.
Phase one trials of INBRX-109, which targets cancer, ran from November 2018 to August 2019. The early-stage study included 20 patients. A second part of the trial began in September 2019 with 75 patients.