Date: 2015-04-20
Type of information: IPO
Company: Aduro Biotech (USA - CA)
Investors:
Amount: $124.3 million
Funding type: IPO
Planned used: Aduro Biotech is focused on the development of technology platforms to stimulate an immune response against cancer. Aduro’s lead platform is based on proprietary strains of live-attenuated, double-deleted (LADD) Listeria monocytogenes that induce a potent innate immune response and have been engineered to express tumor-associated antigens to induce tumor-specific T cell-mediated immunity. Aduro has received Breakthrough Therapy designation from the FDA for its lead LADD regimen, CRS-207 in combination with GVAX Pancreas in pancreatic cancer. The company is evaluating the proprietary immuno-oncology combination in the ongoing Phase 2b ECLIPSE clinical trial and has additional ongoing clinical trials with its LADD platform in mesothelioma and glioblastoma. The company is also developing clinical candidates using cyclic dinucleotide (CDN) synthetic small molecule immune modulators that are designed to activate the intracellular STING receptor, a central mediator of the innate immune response.
Others: * On April 20, 2015, Aduro Biotech announced the closing of its initial public offering of 8,050,000 shares of common stock at a price to the public of $17.00 per share, which included 1,050,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares. Aduro estimates the net proceeds from the public offering were approximately $124.3 million after deducting the underwriting discount and estimated offering expenses. Aduro also announced the closing of its concurrent private placement of 1,470,588 shares of common stock at a price of $17.00 per share, for estimated net proceeds of approximately an additional $25.0 million. BofA Merrill Lynch and Leerink Partners LLC acted as joint book-running managers for the offering. William Blair and Canaccord Genuity acted as co-managers. * On April 14, 2015, Aduro Biotech announced the pricing of its initial public offering of 7,000,000 shares of common stock at a price to the public of $17.00 per share. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 1,050,000 shares of common stock at the initial public offering price, less the underwriting discount. Aduro’s common stock is expected to begin trading on The NASDAQ Global Select Market under the symbol “ADRO” on April 15, 2015. The offering is expected to close on April 20, 2015, subject to customary closing conditions. Aduro estimates net proceeds from the offering will be approximately $107.7 million (assuming no exercise of the underwriters’ option to purchase additional shares of common stock), after deducting the underwriting discount and estimated offering expenses payable by Aduro. Aduro’s net proceeds from a concurrent private placement at a price of $17.00 per share are expected to be $25.0 million.
Therapeutic area:
