Cyteir Therapeutics, an early stage oncology biotech developing small molecule therapies that inhibit DNA damage repair, announced terms for its IPO on Monday.
The Lexington, MA-based company plans to raise $126 million by offering 7.4 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Cyteir Therapeutics would command a fully diluted market value of $618 million.
Cyteir Therapeutics' lead candidate, CYT-0851, is a novel, oral small molecule inhibitor of homologous recombination, a DNA repair pathway critical for the survival of some cancers. CYT-0851 is currently in a Phase 1/2 trial in adult patients with hematologic malignancies and solid tumors. The company states that it has observed encouraging preliminary single agent activity and may initiate a registrational trial of the candidate in 2022, if warranted by the Phase 1/2 data and subject to FDA agreement. Cyteir Therapeutics also plans to initiate dosing in a Phase 1/2 trial of CYT-0851 in combination with various standard-of-care therapies in the 2H21.
Cyteir Therapeutics was founded in 2012 and plans to list on the Nasdaq under the symbol CYT. J.P. Morgan, Morgan Stanley, BofA Securities, and Wedbush PacGrow are the joint bookrunners on the deal. It is expected to price during the week of June 14, 2021.
