Kronos Bio, a Phase 2 biotech developing kinase inhibitors for leukemia and solid tumors, raised the proposed deal size for its upcoming IPO on Thursday.
The San Mateo, CA-based company now plans to raise $224 million by offering 13.2 million shares at a price range of $16 to $18. The company had previously filed to offer 10.3 million shares at the same range. At the increased level of shares, Kronos Bio will raise 28% more in proceeds than previously anticipated.
The company's lead candidate, entospletinib (ENTO), is an orally administered, selective spleen tyrosine kinase inhibitor that has been tested in 148 acute myeloid leukemia (AML) patients. Based on clinical results in a biomarker-defined subset of patients and subject to discussions with regulatory agencies planned for the 1H21, the company plans to initiate a registrational Phase 2/3 trial in 2021, with data readout expected in 2023.
Kronos Bio was founded in 2017 and plans to list on the Nasdaq under the symbol KRON. Goldman Sachs, Jefferies, Cowen and Piper Sandler are the joint bookrunners on the deal. It is expected to price on Thursday, October 8, 2020.
