The Gaithersburg, MD-based Arcellx (ACLX) has priced its IPO of 8.25M shares of common stock at $15.00/share, for expected gross proceeds of ~$123.8M.
The company initially filed to offer offer 8.3M shares in the range of $15 to $17 per share.
In early January, the company said in a filing that it was seeking to raise up to $100M.
Underwriters’ over-allotment is an additional 1.24M shares.
Nasdaq trading will commence today on February 4, 2022.
Closing date is Feb.08.
The biotech company’s lead ddCAR candidate, CART-ddBCMA, is in Phase 1 development for the treatment of relapsed or refractory (r/r) multiple myeloma (MM). The company believes preliminary results from the trial demonstrate that D-Domains can potentially provide meaningful clinical benefits. Arcellx plans to initiate a Phase 2 pivotal trial of CART-ddBCMA for treatment of r/r MM in late 2022, as well as pursue development of the candidate in earlier lines of therapy.
Arcellx is still operating in the red. For the nine months ended Sept. 30, 2021, the company reported a net loss of $44M, compared with a net loss of $23M for the prior year. No revenue was reported for either year.
BofA Securities, SVB Leerink, Barclays, and William Blair are the joint bookrunners on the deal.
SA contributor Avisol Capital Partners recently took a closer look at Arcellx and its pipeline.
Source : preiposwap.com/cancer-biotech-arcellx-pr...-25m-share-ipo-at-15
GAITHERSBURG, Md., Feb. 04, 2022 (GLOBE NEWSWIRE) -- Arcellx, Inc. (NASDAQ: ACLX), a biotechnology company reimagining cell therapy through the development of innovative immunotherapies for patients with cancer and other incurable diseases, today announced the pricing of its initial public offering of 8,250,000 shares of common stock at a public offering price of $15.00 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Arcellx, are expected to be approximately $123.8 million. In addition, Arcellx has granted the underwriters a 30-day option to purchase up to an additional 1,237,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions. All of the shares of common stock are being offered by Arcellx. Arcellx’s common stock is expected to begin trading on the Nasdaq Global Select Market on February 4, 2022, under the ticker symbol “ACLX.” The offering is expected to close on February 8, 2022, subject to the satisfaction of customary closing conditions.
Arcellx, Inc. is a clinical-stage biotechnology company reimagining cell therapy by engineering innovative immunotherapies for patients with cancer and other incurable diseases. Arcellx believes that cell therapies are one of the forward pillars of medicine and Arcellx’s mission is to advance humanity by developing cell therapies that are safer, more effective, and more broadly accessible. Arcellx’s lead product candidate, CART-ddBCMA, is being developed for the treatment of relapsed or refractory multiple myeloma (r/r MM) in an ongoing Phase 1 study. CART-ddBCMA has been granted Fast Track, Orphan Drug, and Regenerative Medicine Advanced Therapy designations by the U.S. Food and Drug Administration.