ARMO BioSciences has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company intends to price its 6.67 million shares in the range of $14 to $16, with an overallotment option for an additional 1.0 million shares. At the maximum price, the entire offering is valued up to $122.67 million. The company intends to list its shares on the Nasdaq under the symbol ARMO.
The underwriters for the offering are Jefferies, Leerink Partners, BMO Capital Markets, and Baird.
This is a late-stage immuno-oncology company that is developing a pipeline of novel, proprietary product candidates that activate the immune system of cancer patients to recognize and eradicate tumors.
The vision is to improve and prolong the lives of cancer patients by advancing and expanding the field of immuno-oncology through novel combinations and treatment sequences of pipeline products with standard of care chemotherapies and checkpoint inhibitors or with other emerging immunotherapies that elicit complementary and synergistic treatment effects. To achieve this vision, ARMO has assembled a seasoned and talented group of industry veterans, scientists, clinicians, key opinion leaders and investors.
ARMO’s lead product candidate, AM0010 (pegilodecakin) is a long-acting form of human Interleukin-10 (IL-10). IL-10 is a naturally occurring immune cell growth factor in humans that stimulates the survival, expansion and tumor killing (cytotoxic) capacity of a particular white blood cell of the immune system, called the CD8+ T cell. This firm has focused on CD8+ T cells because these cells have been shown to recognize and kill cancer cells. An abundance of tumor-infiltrating CD8+ T cells improves the prognosis and lengthens the survival of cancer patients.
The company intends to use the net proceeds from this offering as follows:
- To fund the development of AM0010 for the treatment of PDAC, including our Phase 3 clinical trial in PDAC.
- To fund two planned Phase 2b clinical trials in NSCLC.
- To fund the development of AM0010 for the treatment of additional indications, as well as the development of other product candidates in the pipeline and other general corporate purposes, which may include the hiring of additional personnel, capital expenditures and the costs of operating as a public company.