DICE Therapeutics, a Phase 1-ready biotech developing oral small molecule therapies for immunologic diseases, raised $204 million by offering 12 million shares at $17, the high end of the range of $15 to $17. The company offered 2 million more shares than anticipated.
DICE is leveraging its proprietary technology platform, which it refers to as DELSCAPE, to build a pipeline of novel oral candidates to treat chronic diseases in immunology and other therapeutic areas. Its lead candidate, S011806, is an oral antagonist of the pro-inflammatory signaling molecule, interleukin-17 (IL-17), which is a validated drug target implicated in a variety of immunology indications. The company filed a Clinical Trial Application with the Medicines and Healthcare Products Regulatory Agency in the UK for S011806 in July 2021 and plans to initiate a Phase 1 trial in healthy volunteers and psoriasis patients.
DICE Therapeutics plans to list on the Nasdaq under the symbol DICE. BofA Securities, SVB Leerink, and Evercore ISI acted as joint bookrunners on the deal.
