Boundless Bio, a Phase 1 biotech developing inhibitor therapies for oncogene amplified tumors, announced terms for its IPO on Thursday.
The San Diego, CA-based company plans to raise $100 million by offering 6.3 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Boundless Bio would command a fully diluted market value of $396 million.
Boundless Bio is focused on developing therapies for oncogene amplified tumors by targeting extrachromosomal DNA (ecDNA). Using its proprietary Spyglass platform, the company identifies targets essential for ecDNA functionality in oncogene amplified cancer cells, then designs and develops small molecule drugs called ecDNA-directed therapeutic candidates (ecDTx) to inhibit those targets. Its lead ecDTx, BBI-355, is a novel, oral, selective inhibitor of checkpoint kinase 1, which manages ecDNA replication and transcription in cancer cells. BBI-355 is currently being studied in a first-in-human, Phase 1/2 trial in patients with oncogene amplified cancers, with preliminary data expected in the 2H24.
Boundless Bio was founded in 2018 and plans to list on the Nasdaq under the symbol BOLD. Goldman Sachs, Leerink Partners, Piper Sandler, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of March 25, 2024.
