Evaxion Biotech, a Danish Phase 1/2 biotech using AI to develop immuno-oncology therapies, announced terms for its IPO on Monday.
The Copenhagen, Denmark-based company plans to raise $30 million by offering 2.8 million ADSs at a price range of $10 to $12. At the midpoint of the proposed range, Evaxion Biotech would command a fully diluted market value of $233 million.
The company is using the AI technology of its PIONEER and EDEN platforms to develop four product candidates. Its lead candidates are EVX-01, for the treatment of metastatic and unresectable melanoma, non-small cell lung cancer, and bladder cancer; and EVX-02, for the adjuvant treatment of melanoma. EVX-01 and EVX-02 are both currently in Phase 1/2a trials, with data expected in the 1H21.
Evaxion Biotech was founded in 2008 and plans to list on the Nasdaq under the symbol EVAX. Oppenheimer & Co. is the sole bookrunner on the deal. It is expected to price during the week of February 1, 2021.
