Equillium Prepares for IPO
Biotechnology company Equillium has amended its filing with the SEC regarding its initial public offering.
Equillium has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. No pricing details were given in the filing, but the offering is valued up to $86.25 million. The company intends to list its shares on the Nasdaq under the symbol EQ.
The underwriters for the offering are Jefferies, Leerink and Stifel.
This is a biotechnology company leveraging deep understanding of immunobiology to develop products for severe autoimmune and inflammatory, or immuno-inflammatory, disorders with high unmet medical need.
Its initial product candidate, EQ001 (itolizumab), is a clinical-stage, first-in-class monoclonal antibody that selectively targets the novel immune checkpoint receptor CD6. CD6 plays a central role in the modulation of effector T cells, or Teff cells. Activated Teff cells drive a number of immuno-inflammatory diseases across therapeutic areas, including transplant science, systemic autoimmunity, pulmonary, neurologic, gastrointestinal, renal, vascular, ophthalmic and dermatologic disorders.
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As such, the firm believes EQ001 may have broad therapeutic utility in treating a large and diverse set of severe immuno-inflammatory diseases.
The company intends to use the net proceeds from this offering for a couple things:
- Approximately $50.0 million to fund research and development of EQ001; and
- The remainder for working capital and other general corporate purposes, including the additional costs associated with being a public company.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
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