Allogene Therapeutics Files for IPO

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Allogene Therapeutics has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) in regards to its initial public offering (IPO). No pricing details were given in the filing, although the offering is valued up to $100 million, but this number is usually just a placeholder. The company intends to list its shares on the Nasdaq under the symbol ALLO.

The underwriters for the offering are Goldman Sachs, JPMorgan, Cowen and Jefferies.

This clinical-stage immuno-oncology company is pioneering the development and commercialization of genetically engineered allogeneic T cell therapies for the treatment of cancer. It is developing a pipeline of off-the-shelf T cell product candidates that are designed to target and kill cancer cells.

The engineered T cells are allogeneic, meaning they are derived from healthy donors for intended use in any patient, rather than from an individual patient for that patient’s use, as in the case of autologous T cells. Management believes this key difference will enable the firm to deliver readily available treatments faster, more reliably, at greater scale and to more patients.

Additionally, the firm believes its management team’s experience in immuno-oncology and specifically in chimeric antigen receptor (CAR) T cell therapy will help drive the rapid development and, if approved, the commercialization of these potentially curative therapies for patients with aggressive cancer.

In collaboration with Servier, Allogene is developing UCART19, a CAR T cell product candidate targeting CD19. UCART19 is being studied in clinical trials in patients with relapsed or refractory (R/R) B-cell precursor acute lymphoblastic leukemia (ALL), and management expects UCART19 to be advanced to potential registrational trials in the second half of 2019.

The firm also plans to submit an investigational new drug application in the first half of 2019 for its second allogeneic anti-CD19 CAR T cell product candidate, ALLO-501, for the treatment of R/R non-Hodgkin lymphoma. In addition, the firm has a deep pipeline of allogeneic CAR T cell product candidates targeting multiple promising antigens in a host of hematological malignancies and solid tumors.

The company intends to use the net proceeds from this offering to further develop its pipeline, expand and build out its facilities, and fund internal research. The remainder will be put towards working capital and general corporate purposes.