Prometheus Biosciences, a Phase 1 biotech developing precision antibody therapies for IBD and related diseases, filed on Friday with the SEC to raise up to $125 million in an initial public offering.
Prometheus' lead candidate, PRA023, is an IgG1 humanized monoclonal antibody that has been shown to block the TL1A. The company is developing PRA023 for the treatment of ulcerative colitis (UC) and Crohn's disease (CD), and initiated a Phase 1a trial in normal healthy volunteers in December 2020. It expects to commence in parallel in 2021 a Phase 2 randomized placebo-controlled trial in patients with moderate-to-severe UC and an open-label Phase 1b trial in patients with moderate-to-severe CD, with data expected in the 2H22 for both indications.
The San Diego, CA-based company was founded in 2016 and booked $1 million in collaboration revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol RXDX. Prometheus Biosciences filed confidentially on August 28, 2020. SVB Leerink, Credit Suisse, Stifel, and Guggenheim Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
