Oncorus, a Phase 1 biotech developing oncolytic virus therapies for solid tumors, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $87 million by offering 5.8 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Oncorus would command a fully diluted market value of $352 million.
The company's pipeline contains lead candidate ONCR-177, an intratumorally administered viral immunotherapy based on its oncolytic HSV-1 platform. Oncorus has initiated and begun dosing patients in a Phase 1 trial of ONCR-177 for solid tumors, including breast cancers and cutaneous tumors, with preliminary data expected from the 2H21 through the 2H22.
Oncorus was founded in 2015 and plans to list on the Nasdaq under the symbol ONCR. Jefferies, Evercore ISI and Piper Sandler are the joint bookrunners on the deal. It is expected to price on Thursday, October 1, 2020.
