Forty Seven Gears Up for IPO

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Forty Seven has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company has yet to mention any pricing details, although it is valued up to $115 million. The company intends to list its shares on the Nasdaq under the symbol FTSV.

The underwriters for the offering are Morgan Stanley, Credit Suisse, BTIG, Canaccord Genuity and Oppenheimer.

This is a clinical-stage immuno-oncology company focused on developing novel checkpoint therapies to activate macrophages in the fight against cancer. The firm founded Forty Seven based on the insight that blocking CD47, a key signaling molecule that is overexpressed on cancer cells, renders tumors susceptible to macrophages. By harnessing macrophages, management believes that its lead product candidate, 5F9, dosed as a monotherapy or in combination with marketed cancer therapies, can transform the treatment of cancer.

So far, 5F9 has demonstrated promising activity in six Phase 1b/2 clinical trials in which it has treated over 190 relapsed or refractory cancer patients with solid or hematologic tumors. The firm holds worldwide rights to all of its product candidates.

The firm expects to the net proceeds from this offering as follows:

  • To further the clinical development of 5F9 through completion of our existing Phase 1 monotherapy and planned PD-L1 combination clinical trials;
  • To further the clinical development of 5F9 through completion of Phase 2 combination clinical trials in NHL and CRC or alternative Phase 2 indications if there are compelling clinical data;
  • To further the development of our anti-SIRPa antibody product candidate, FSI-189, through IND enabling studies;
  • To license intellectual property, although we have no present commitments or agreements to license intellectual property; and
  • The remaining proceeds for research and drug discovery activities related to additional product candidates, working capital and general corporate purposes.
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