iTeos Therapeutics, a Phase 1/2 immuno-oncology biotech developing therapies for various cancers, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $151 million by offering 8.9 million shares at a price range of $16 to $18. At the midpoint of the proposed range, iTeos Therapeutics would command a fully diluted market value of $579 million.
The company's lead candidate EOS-850, a highly selective small molecule antagonist of the adenosine A2a receptor (A2AR), is in an open-label Phase 1/2 clinical trial in adult patients with advanced solid tumors, with initial data expected in the 1H 2021.
iTeos Therapeutics was founded in 2012 and plans to list on the Nasdaq under the symbol ITOS. J.P. Morgan, SVB Leerink and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of July 20, 2020.
