Accelerated Pharma has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company intends to price its 1.89 million shares in the range of $8 to $10, with an overallotment option for an additional 283,334 shares. At the maximum price, the entire offering is valued up to $21.72 million. The company intends to list its shares on the Nasdaq under the symbol ACCP.
The underwriters for the offering are Rodman & Renshaw and Maxim Group.
This clinical stage biopharmaceutical company is focused on utilizing its genomic technology to enhance the development of pre-existing pharmaceutical products for the treatment of various cancer indications, prospectively identify patients that may respond to such pharmaceutical products and commercialize such pharmaceutical products for sale in various markets.
The lead product candidate is Picoplatin, a new generation platinum-based cancer therapy that has the potential for use in different formulations, as a single agent or in combination with other anti-cancer agents, to treat multiple cancer indications. Accelerated Pharma holds and are the exclusive, worldwide licensee of patented and proprietary technology related to Picoplatin.
The company initially will use its genomic technology to identify suitable patients prospectively for its anticipated Picoplatin clinical trials in hope of obtaining regulatory approval for Picoplatin and commercializing the therapy. Ultimately, the company believes that its genomic program will allow it to identify additional drug candidates that can be substantially improved for the treatment of various cancer indications and ultimately create a targeted, driven approach for cancer treatment by selecting patients who will respond to therapy in advance of administering such therapy.
In the filing the company said:
We intend to conduct Phase II clinical trials both in colorectal cancer (or CRC) and squamous cell cancer of the head-and-neck over the next 24 months commencing in November 2016 in order to determine the genomic signatures for Picoplatin with respect to these indications. In October 2016, following its review of our Investigational New Drug Application (or IND) for squamous cell cancer of the head and neck, the FDA gave us permission to initiate Phase II trials of Picoplatin in patients with squamous cell carcinoma of the head and neck.
Accelerated Pharma intends to use the net proceeds from this offering to fund its Phase 2 clinical trial and potentially Phase 3 trials. The remainder of proceeds will be used for working capital and general corporate purposes.