Synthorx, spun out of Scripps Research Institute, is targeting $100m in a proposed offering half a year after it raised $63m in a series C round backed by Osage University Partners.
Synthorx, a US-based immuno-oncology drug spinout of Scripps Research Institute, has filed for a $100m initial public offering on the Nasdaq Global Market.
Founded in 2014, Synthorx is developing therapeutics, dubbed synthorins, aimed at cancer and autoimmune disorders. Synthorins are proteins that incorporate amino acids encoded by additional DNA base pairs.
The approach is based on research led by Floyd Romesberg, who specialises in expanding the genetic alphabet at Scripps, in conjunction with COI Pharmaceuticals, the incubator of Avalon Ventures, where Synthorx was based.
The lead candidate, Thor-707, is aimed at the treatment of solid tumours. Synthorx expects to file an investigational new drug application (IND) with the US regulator for Thor-707 in the second quarter of 2019 and initiate a phase 1/2 trial thereafter.
Proceeds will also fund the further development of the spinout’s pipeline, including IND-enabling studies for a second treatment and preclinical trials for a third therapy.
Synthorx most recently closed a $63m series C round in May 2018 backed by OUP and led by investment firm OrbiMed. The round also featured Avalon, RA Capital Management and Correlation Ventures.
RA Capital Management had led a $10m series B round in 2016 that featured Avalon and Correlation, after unnamed investors supplied $3.1m in 2014.
Avalon is the company’s single largest shareholder with a 32% stake, while RA Capital owns 28.2% and OrbiMed has a 21.5% shareholding. Correlation Ventures holds a 6.1% stake.
Jefferies, Leerink Partners and Evercore Group are acting as joint book-running managers for the proposed offering, while HC Wainwright is also serving as underwriter.
