Codiak BioSciences, a early stage biotech developing exosome therapeutics for various diseases, announced terms for its IPO on Wednesday.
The Cambridge, MA-based company plans to raise $83 million by offering 5.5 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Codiak BioSciences would command a fully diluted market value of $309 million.
The company's lead program, exoSTING, is an exosome therapeutic candidate engineered with its engEx Platform. The company is developing exoSTING for the treatment of multiple solid tumors. Codiak believes exoSTING has demonstrated encouraging preclinical activity, and it expects to initiate a Phase 1/2 trial in the 2H20, with preliminary data expected by mid-2021.
Codiak BioSciences was founded in 2015 and booked $1 million in collaboration revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol CDAK. Goldman Sachs, Evercore ISI, William Blair and Wedbush PacGrow are the joint bookrunners on the deal.
