MBX Biosciences (MBX) upsized its IPO to 10.2 million shares – up from 8.5 million shares in the prospectus – and priced the deal at $16.00 – the top of its $14.00-to-$16.00 range – to raise $163.2 million on Thursday night, Sept. 12, 2024. At pricing, MBX Biosciences increased the IPOs size by 20 percent. Shares of MBX Biosciences shot up $7.00 – or 43.75 percent – to open at $23.00 at 12:29 p.m. EDT today – Friday, Sept. 13, 2024 – on the NASDAQ on volume of 354,282 shares. MBX Biosciences’ stock closed at $23.65 – up $7.65 or 47.82 percent from its $16.00 IPO price – in its first day of NASDAQ trading. Volume for the day was 1,825,288 shares.
JPMorgan, Jefferies, Stifel and Guggenheim Securities were the joint book-runners.
MBX Biosciences, based in Carmel, Indiana, is developing its leading drug candidate, MBX 2109, a parathyroid hormone peptide, now in a Phase 2 clinical trial, as a once-weekly injection to treat patients with chronic hypoparathyroidism (HP). The biotech said it dosed the first patient in this Phase 2 clinical trial in August 2024. MBX Biosciences said it expects to report topline data in the third quarter of 2025.
Principal shareholders include OrbiMed, Frazier Life Sciences and RA Capital, according to the prospectus.
MBX Biosciences, which was founded in 2018, said in the prospectus that its drug product candidates and programs include:
–”MBX 1416: We are advancing MBX 1416, which is designed to be a long-acting glucagon-like peptide-1, or GLP-1, receptor antagonist, as a potential therapy for post-bariatric hypoglycemia, or PBH, a chronic complication of bariatric surgery. MBX 1416 is designed as a convenient once-weekly therapy to reduce insulin secretion and increase blood glucose to reduce the frequency and severity of hypoglycemic events. In our ongoing Phase 1 clinical trial, preliminary data regarding the way the compound is absorbed, distributed, metabolized and excreted, or pharmacokinetics, from the single ascending dose portion demonstrated that weekly subcutaneous injections resulted in dose-proportional increases in MBX 1416 exposure and a half-life supporting a once-weekly dosing regimen. We anticipate additional single ascending dose and multiple ascending dose data from our ongoing Phase 1 clinical trial in the fourth quarter of 2024.
–”Obesity portfolio: Our lead obesity product candidate, MBX 4291, is designed to be a long-acting and highly potent GLP-1 and glucose-dependent insulinotropic polypeptide, or GIP, receptor co-agonist prodrug with the goal of reducing dosing frequency and improving efficacy and tolerability relative to existing standards of care.”
MBX Biosciences does not have any product revenue, which is typical for a clinical biotech when it goes public. For the 12 months that ended June 30, 2024, MBX Biosciences reported a net loss of $47.2 million, according to the prospectus.
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