Cancer biotechBoundless Bio (BOLD Proposed) leads the short playlist for the four-day holiday week of March 25, 2024, with its $100 million IPO. The U.S. stock market will be closed Friday, March 29, for Good Friday, which marks the start of the three-day Easter holiday weekend.
The rest of this week’s IPO Calendar consists of just a handful of small-cap deals. U-BX Technology (UBXG Proposed), the parent of an AI-driven digital promotion business that serves China’s insurance carriers and brokers, will kick off the short week. U-BX Technology plans to price its IPO tonight (Monday, March 25, 2024): 2.0 million shares at $5.00 each to raise $10.0 million. EF Hutton is the sole book-runner.
Targeting ecDNA in Cancer
The only sizable IPO this week is Boundless Bio. The San Diego-based company is a Phase 1/Phase 2 biotech developing two oral drug candidates to inhibit extrachromosomal DNA, also known as ecDNA, a root cause of oncogene amplification in more than 14 percent of cancer patients, according to the prospectus. ecDNA is found only in cancer cells.
Boundless Bio is offering 6.25 million shares at a price range of $15.00 to $17.00 to raise $100.0 million in its IPO. The IPO is expected to price Wednesday night, March 27, 2024, to trade Thursday, March 28, on the NASDAQ.
Goldman Sachs, Leerink Partners, Piper Sandler and Guggenheim Securities are the joint book-runners.
Boundless Bio was co-founded by ARCH Venture Partners, a leading biotech VC firm, and Dr. Paul Mischel, the vice chair of research and a professor of pathology at Stanford School of Medicine.
Boundless Bio’s two oral drug candidates are:
– BBI-355, a novel oral selective inhibitor of checkpoint kinase 1 (CHK1), which manages ecDNA replication and transcription in cancer cells. The company aims to have preliminary data from a clinical trial available in the second half of 2024.
– BBI-825, a novel oral selective inhibitor of ribonucleotide reductase (RNR), which is essential for ecDNA assembly and repair in cancer cells. The company aims to have preliminary data from a clinical trial available in the second half of 2025.
Boundless Bio’s financial statements show that it is a typical biotech with no revenue from product sales and a sizable net loss. For the year ended Dec. 31, 2023, Boundless Bio had a net loss of $49.43 million, the prospectus shows.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on our website: IPOScoop.com )
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