IO Biotech, a Phase 3-ready biotech developing immunotherapies for melanoma and other cancers, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
IO Biotech is developing is targeting immunosuppresive mechanisms of cancer survival mediated by key immunosuppressive proteins Indoleamine 2,3-dehydrogenase (IDO) and programmed death ligand (PD-L1). The company's lead candidate, IO102-IO103, was granted Breakthrough Therapy Designation for the treatment of unresectable/metastatic melanoma and plans to enroll for a Phase 3 trial in combination with pembrolizumab.
The Copenhagen, Denmark-based company was founded in 2014 and plans to list on the Nasdaq under the symbol IOBT. IO Biotech filed confidentially on June 3, 2021. Morgan Stanley, Jefferies, Cowen, and Kempen are the joint bookrunners on the deal. No pricing terms were disclosed.
