Surface Oncology Announces Potential Pricing for IPO

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Surface Oncology 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 million shares in the range of $13 to $15 per share, with an overallotment option for an additional 900,000 shares. At the maximum price, the entire offering is valued up to $103.5 million. The company expects to list its shares on the Nasdaq under the symbol SURF.

The underwriters for the offering are Goldman Sachs, Cowen and Evercore ISI.

This is a clinical-stage immuno-oncology company focused on using its specialized knowledge of the biological pathways critical to the immunosuppressive tumor microenvironment (TME) for the development of next-generation cancer therapies.

While first-generation immuno-oncology therapies, such as checkpoint inhibitors, are a remarkable therapeutic advancement, management believes most patients do not achieve durable clinical benefit primarily because these therapies focus on only one element of the complex and interconnected immunosuppressive TME. The firm believes there is a significant opportunity to more broadly engage the body’s immune system in a multifaceted, coordinated and personalized approach to meaningfully improve cure rates for patients with a variety of cancers.

In the filing, the company detailed:

Our lead product candidate, SRF231, targets a protein called cluster of differentiation, or CD, 47. We initiated a Phase 1 clinical trial of SRF231 in February 2018 and expect to report initial clinical results from this trial in the first half of 2019. An Investigational New Drug application, or IND, for our next program, SRF373, which targets CD73, was sponsored and filed by Novartis with the U.S. Food and Drug Administration, or the FDA, in February 2018, and we anticipate SRF373 entering clinical trials in 2018. SRF373 has been exclusively licensed on a worldwide basis to Novartis. The lead product candidates for our CD39 and interleukin 27, or IL-27, programs, SRF617 and SRF388, respectively, are anticipated to begin IND-enabling studies in 2018.

The company intends to use the net proceeds from the offering to further develop its pipeline, as well as for working capital and general corporate purposes.

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