Kolltan Pharmaceuticals, an early-stage biotech developing antibodies to treat solid tumors, filed on Friday with the SEC to raise up to $86 million in an initial public offering. Kolltan is in Phase 1 trials for its antibody-based drugs that target receptor tyrosine kinases (RTKs).
The company licenses IP from MedImmune, which has the option to receive future payments based on the value of Kolltan's lead drug candidate. Kolltan is also in preclinical development of certain inflammatory diseases and other cancers.
Primary shareholders include Fidelity Investments (15% pre-IPO stake), KLP Enterprises (14%), Gilead Sciences (10%), Auven Therapeutics (10%) and co-founders Joseph Schlessinger (5%) and Arthur Altschul (5%).
The New Haven, CT-based company, which was founded in 2007, plans to list on the NASDAQ under the symbol KLTN. Kolltan initially filed confidentially on August 8, 2014. Leerink Partners and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.
