PMV Pharmaceuticals, a early stage biotech developing targeted therapies for cancer, raised the proposed deal size for its upcoming IPO on Thursday.
The Cranbury, NJ-based company now plans to raise $200 million by offering 11.8 million shares at a price range of $16 to $18. The company had previously filed to offer 7.4 million shares at the same range. At the midpoint, PMV Pharmaceuticals will raise 60% more in proceeds than previously anticipated.
The company's lead candidate, PC14586, is designed to potently and selectively correct p53 misfolding caused by a specific p53 mutation while sparing wild-type p53. The company is initially pursuing a tumor-agnostic development strategy and submitted an IND for PC14586 in August 2020, with a Phase 1/2 trial planned for the 2H20.
PMV Pharmaceuticals was founded in 2013 and plans to list on the Nasdaq under the symbol PMVP. Goldman Sachs, BofA Securities, Cowen and Evercore ISI are the joint bookrunners on the deal. It is expected to price on Thursday, September 24, 2020.
