Astellas and Celgene-backed immuno-oncology therapy developer Oncorus has filed to raise up to $86.3m following more than $150m in funding.
US-based cancer immunotherapy developer Oncorus has filed for an $86.3m initial public offering that would allow pharmaceutical firms Astellas and Celgene to exit.
Oncorus is working on viral immunotherapies to treat cancer, and its lead product candidate, ONCR-177, utilises Herpes Simplex Virus (HSV) type 1 to stimulate the immune system to fight and destroy tumours.
The IPO proceeds will fund phase 1 clinical trials for ONCR-177 in types of cancer such as breast cancers and cutaneous tumours in addition to clinical development of a brain cancer candidate known as ONCR-GBM and preclinical and clinical development of two more Synthetic CVA21 programmes.
Astellas subsidiary Astellas Venture Management provided $4m to help the company close its series A round at $61m in 2016, Celgene having participated in the round’s first tranche.
MPM Capital’s MPM BV2014 fund and Oncology Impact Fund (also backed by UBS) led the round, which included MPM’s SunStates Fund, Deerfield Management, Arkin Bio Ventures, Excelyrate Capital and Long March Investment Fund.
Oncorus secured another $89.6m in a series B round that closed earlier this month, according to the IPO filing. Celgene and Astellas Venture Management participated in the $79.5m first close in August 2019.
Cowen Healthcare Investments and Perceptive Advisors co-led the round, which also featured UBS Oncology Impact Fund and Shinhan Investment-Private Equity, investing on behalf of financial services firms UBS and Shinhan respectively.
The round was filled out by Arkin Bioventures, Surveyor Capital, Sphera Funds, IMM Investment, Quad Investment Management, MPM Capital, Deerfield Management, UTC Investment and SV Investment Corp.
MPM Capital owns 17% of the company’s shares. Its other main investors are UBS Oncology Fund (14.1%), Deerfield Management (11.6%), Cowen Healthcare Investments (7.5%) and Arkin Bioventures (5.6%).
Jefferies, Evercore Group and Piper Sandler have been appointed underwriters for the IPO, which is slated to take place on the Nasdaq Global Market.
