Codiak BioSciences, a US-based exosome therapeutics developer, has filed to raise up to $86.3m in an initial public offering.
Founded in 2015, Codiak is developing exosome therapeutics to treat a range of conditions, including cancer, immune-based diseases, metabolic and fibrotic disorders, neurodegenerative disorders and rare diseases.
The company’s therapeutics are created by engineering exosomes, extracellular vesicles that are produced by nearly all cells in the human body and which can change the biological function of cells.
The approach is based on research conducted at the VentureLabs unit of Flagship Pioneering, by Jan Lotvall, chairman of Krefting Research Centre at University of Gothenburg, and by Raghu Kalluri, chairman and professor of the Department of Cancer Biology and director of the Metastasis Research Center at University of Texas MD Anderson Cancer Center.
Proceeds from the IPO will be used to conduct studies and a phase 1/2 clinical trial of exoSting, an engineered exosome Codiak is developing for refractory cancer, and towards funding a phase 1/2 trial of exoIL-12, which is intended to treat cancer by targeting T cells and NK cells.
Codiak received $76.5m in a late 2017 series C round featuring life science real estate investment trust Alexandria Real Estate Equities’ investment arm, Alexandria Venture Investments, Fidelity Management and Research (FMR), Qatar Investment Authority, Alaska Permanent Fund, Arch Venture Partners, Flagship Pioneering, Boxer Capital, Sirona Capital, EcoR1 Capital and Casdin Capital.
The company had already secured $61m in a 2016 series B round co-led by Arch Venture Partners and Flagship Ventures that also featured Alexandria Venture Investments, FMR and Alaska Permanent Fund. The same two investors also co-led its $31m series A round the previous year.
Arch Venture Partners is Codiak’s largest investor, owning a 28.4% stake, followed by Flagship Ventures (19%), Fidelity (14.2%) and MD Anderson Cancer Center (6.7%).
The offering is set to take place on the Nasdaq Global Market, and Jefferies, William Blair and Evercore have been appointed underwriters.
– A version of this article first appeared on our sister site, Global Corporate Venturing.

Codiak BioSciences, a US-based exosome therapeutics developer backed by life science real estate investment trust Alexandria Real Estate Equities, has filed to raise up to $86.3m in an initial public offering.

Founded in 2015, Codiak is developing exosome therapeutics to treat a range of conditions, including cancer, immune-based diseases, metabolic and fibrotic disorders, neurodegenerative disorders and rare diseases.

The company’s therapeutics are created by engineering exosomes, extracellular vesicles that are produced by nearly all cells in the human body and which can change the biological function of cells. Its technology was partially developed at University of Texas’ MD Anderson Cancer Center.

Proceeds from the IPO will be used to conduct studies and a phase 1/2 clinical trial of exoSting, an engineered exosome Codiak is developing for refractory cancer, and towards funding a phase 1/2 trial of exoIL-12, which is intended to treat cancer by targeting T cells and NK cells.

Codiak received $76.5m in a late 2017 series C round featuring Alexandria Real Estate Equities’ investment arm, Alexandria Venture Investments, Fidelity Management and Research (FMR), Qatar Investment Authority, Alaska Permanent Fund, Arch Venture Partners, Flagship Pioneering, Boxer Capital, Sirona Capital, EcoR1 Capital and Casdin Capital.

The company had already secured $61m in a 2016 series B round co-led by Arch Venture Partners and Flagship Ventures that also featured Alexandria Venture Investments, FMR and Alaska Permanent Fund. The same two investors also co-led its $31m series A round the previous year.

Arch Venture Partners is Codiak’s largest investor, owning a 28.4% stake, followed by Flagship Ventures (19%), Fidelity (14.2%) and MD Anderson Cancer Center (6.7%).

The offering is set to take place on the Nasdaq Global Market, and Jefferies, William Blair and Evercore have been appointed underwriters.