Bolt Biotherapeutics, a Phase 1/2 biotech developing targeted therapies for solid tumors, raised the proposed deal size for its upcoming IPO on Wednesday.
The Redwood City, CA-based company now plans to raise $194 million by offering 10.5 million shares at a price range of $18 to $19. The company had previously filed to offer 8.8 million shares at a range of $16 to $18. At the midpoint of the revised range, Bolt Biotherapeutics will raise 29% more in proceeds than previously anticipated.
The company's pipeline contains lead candidate BDC-1001, a HER2 Boltbody Immune-Stimulating Antibody Conjugate. In preclinical safety studies, BDC-1001 was well tolerated and no adverse safety signals were observed. BDC-1001 is currently in a Phase 1/2 trial for the treatment of patients with HER2-expressing solid tumors, and the company expects to move into Phase 2 dose expansions in key solid tumor indications with unmet medical need in 2021.
Bolt Biotherapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol BOLT. Morgan Stanley, SVB Leerink, Stifel and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of February 1, 2021.
