Xilio Therapeutics, a Phase 1 biotech developing novel molecules to treat solid tumors, announced terms for its IPO on Monday.
The Waltham, MA-based company plans to raise $125 million by offering 7.4 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Xilio Therapeutics would command a fully diluted market value of $487 million.
Xilio has built its geographically precise solutions (GPS) platform to rapidly engineer novel molecules, including cytokines and other biologics, that are designed to optimize their therapeutic index by geographically localizing their activity inside tumors. Its most advanced candidates are XTX101, an anti-CTLA-4 mAb, and XTX202, an IL-2 therapy. The company recently initiated a Phase 1 trial of XTX101 in patients with solid tumors, and in September 2021, submitted an IND to evaluate XTX202 in patients with solid tumors.
Xilio Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol XLO. Morgan Stanley, Cowen, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of October 18, 2021.
