Inhibrx, a Phase 1 biotech using protein engineering to develop targeted therapies for cancer and rare diseases, announced terms for its IPO on Wednesday. The company previously filed to raise $75 million in June 2019 and withdrew the following November.
The La Jolla, CA-based company plans to raise $102 million by offering 6 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Inhibrx would command a fully diluted market value of $620 million.
The company's lead candidate INBRX-109, is a tetravalent death receptor 5, or DR5, agonist being evaluated in patients diagnosed with chondrosarcoma and mesothelioma, two difficult-to-treat cancers. INBRX-109 is currently in a Phase 1 trial and has enrolled 75 patients to date.
Inhibrx was founded in 2017 and booked $6 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol INBX. Jefferies, Evercore ISI and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of August 17, 2020.
