Virobay, Inc. has filed with the Securities and Exchange Commission for an initial public offering. There were no terms given for the offering but the filing is for up to $50 million in common. The company plans to list on the NASDAQ Global Market under the symbol “VBAY.”
The underwriters for the offering are Piper Jaffray, Cantor Fitzgerald, Summer Street Research Partners, and JMP Securities.
Virobay is a clinical-stage biopharmaceutical company that uses a cysteine cathepsin platform to develop novel drugs. The company’s main plans in drug development involve the inhibiting cysteine cathepsin enzymes with a primary focus on the treatment of neuropathic pain, autoimmune diseases and fibrosis.
VBY-036 is most advanced product candidate. It is a potent and selective cathepsin S inhibitor which appears to be a key mediator of a process pivotal in developing neuropathic pain, inhibiting should prevent or substantially reduce pain.
VBY-036 was chosen to focus on Crohn’s disease due to elevated levels of cathespin S observed in patients in a widely-used preclinical mouse model. Cathespin appears to be a critical enzyme in the modulation of the immune system and the development of autoimmune diseases such as Crohn’s.
VBY-891 is a potent and selective cathepsin S inhibitor. The candidate is licensed on a worldwide basis to LEO Pharma A/S, for specific dermatological indications. Similar to Crohn’s disease, psoriasis is an autoimmune disease in which cathepsin S may play a significant role in activating the immune system.
VBY-376 is a potent cathepsin B inhibitor. Chronic liver injury triggers a process involving cathepsin B activity that destroys important cells in the liver called hepatocytes. Cathepsin B also triggers the activation of stellate cells in the liver, which are responsible for the formation of scar tissue. This process of hepatocyte destruction and stellate cell activation can lead to the deposition of fibrotic scar tissue and eventual liver failure.
VBY-825 is a potent inhibitor of multiple cathepsins, including cathepsins S and B. PBC is an autoimmune disease which attacks the small bile ducts, leading to liver fibrosis, liver dysfunction and potential liver failure. The inhibition of cathepsin S will potentially suppress the autoimmune attack on the bile ducts and inhibition of cathepsin B will prevent and potentially reverse fibrosis.
The table below depicts the current status of the product candidates:
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