IDEAYA Biosciences, a Phase 1 biotech developing targeted therapies for genetically-defined cancers, filed on Monday with the SEC to raise up to $70 million in an initial public offering.
IDEAYA is focused on two areas of precision medicine, direct targeting of oncogenic pathways and synthetic lethality. IDEAYA has an exclusive, worldwide license from Novartis for lead candidate IDE196, a protein kinase C (PKC) inhibitor for cancers having GNAQ or GNA11 gene mutations. Novartis is currently studying IDE196 in a Phase 1 trial for metastatic uveal melanoma, but IDEAYA has the right to all other clinical development and commercial rights. It has filed an IND with the FDA to initiate its own Phase 1/2 basket trial in the 2Q19 or 3Q19 to evaluate IDE196 in solid tumors harboring GNAQ or GNA11 mutations. The company also has a preclinical pipeline that includes multiple synthetic lethality programs for solid tumors.
The South San Francisco, CA-based company was founded in 2015 and plans to list on the Nasdaq under the symbol IDYA. IDEAYA Biosciences filed confidentially on January 17, 2019. J.P. Morgan, Citi and Jefferies are the joint bookrunners on the deal. No pricing terms were disclosed.
