Sun BioPharma, a clinical-stage biotech developing small molecule therapies for pancreatic cancer, filed on Thursday with the SEC to raise up to $12 million in an initial public offering. The company is currently listed on the OTCQB (SNBP) and has a market cap of $42 million.
The company's lead candidate, SBP-101, is a small molecule polyamine metabolic inhibitor delivered subcutaneously for the treatment of pancreatic cancer and solid tumors. Granted Fast Track designation in the 2Q20, SBP-101 is currently in a Phase 1a trial for metastatic pancreatic ductal adenocarcinoma in combination with gemcitabine and nab-paclitaxel, and the company recently reported positive interim results.
The Waconia, MN-based company was founded in 2011 and plans to list on the Nasdaq under the symbol SNBP. Craig-Hallum Capital Group is the sole bookrunner on the deal. No pricing terms were disclosed.
