College of Chicago spinout Pyxis Oncology has filed for an preliminary public providing (IPO) after signing a worldwide licensing settlement with Pfizer earlier this yr and elevating $152 million in a Sequence B funding spherical.
>> UPDATE: Pyxis introduced the pricing of its upsized preliminary public providing of 10,500,000 shares of widespread inventory on October 7 at an preliminary public providing value of $16.00 per share. Gross proceeds from the providing are anticipated to be $168 million, earlier than deducting underwriting rebates and commissions and different providing bills payable by Pyxis.
The corporate was based round novel tumor biology constructed on the work of Thomas Gajewski, AB ’84, PhD ’89, MD ’91, AbbVie Basis Professor of Most cancers Immunotherapy in Pathology, Professor within the Ben Might Division for Most cancers Analysis, and a . Professor of Medication on the College of Chicago.
“It is a tremendous thrilling section for Pyxis, as the corporate strikes towards medical testing of lead therapeutic candidates.”
— Thomas Gajewski
Following the pricing of the providing, the corporate expects the shares to commerce beneath the image “PYXS” on the Nasdaq International Market, or Nasdaq, in accordance with paperwork filed with the U.S. Securities and Trade Fee on September 17, 2021.
Pyxis is at the moment utilizing the online proceeds from the providing, together with its present funding, to advance its preclinical candidates (PYX-201, PYX-202, and PYX-203) by means of Investigational New Drug (IND) enabling research. intends to. Based mostly on these outcomes, the corporate will proceed with an FDA evaluate of the IND submission and start a section 1 medical trial.
Based on the corporate, the funds will even be used for enterprise growth actions, together with in-license packages, the identification and development of extra packages and growth candidates, and to accumulate or put money into extra companies, applied sciences, merchandise or belongings.
,[T]That can cowl the continued development of our pipeline, milestones for beforehand licensed packages, the hiring of extra personnel, the price of working as a public firm and remaining proceeds for different normal company functions,” in accordance with the submitting.
Gajewski based and developed the idea for Pyxis in partnership with the know-how commercialization crew at UChicago’s Polsky Middle for Entrepreneurship and Innovation. The corporate has raised a complete of $174 million thus far, together with a $22 million Sequence A spherical with a $300,000 funding from the UChicago Startup Funding Program.