La Jolla-based Inhibrx on June 3 filed for a $74.75 million initial public offering to advance three cancer drugs in clinical trials and other programs.
The IPO follows a recent $40 million investment from Viking Global Investors. The $40 million would convert into shares of Inhibrx stock at 90 percent of the IPO share price, according to U.S. Securities and Exchange Commission paperwork.
Protein engineering underlies the company’s approach, with three drug candidates in phase 1 clinical trials, and two preclinical programs set to enter clinical trials later this year.
One of its drug candidates, Inbrx-103, has been licensed to pharmaceutical Celgene.
CEO Mark Lappe co-founded the company. Previously he was the managing partner of Efficacy Biotech Fund.
Slipping into biotech speak, Inhibrx pitched its sdAb platform as superior to current monoclonal antibody and fusion protein approaches.