Vaxxinity, a Phase 2 biotech developing vaccine therapies for chronic diseases using synthetic peptides, raised $78 million by offering 6 million shares at $13, below the range of $14 to $16. The company offered 0.7 million fewer shares than anticipated.
Vaxxinity's vision is to disrupt the existing treatment paradigm for chronic diseases, and believes its synthetic peptide vaccine platform (Vaxxine Platform) has the potential to enable a new class of therapeutics. Its Vaxxine Platform is designed to harness the immune system to convert the body into its own "drug factory," stimulating the production of antibodies with a therapeutic or protective effect. Its current pipeline consists of five chronic disease candidates from early to late-stage development across multiple therapeutic areas including Alzheimer's Disease (AD), Parkinson's Disease, migraine, and hypercholesterolemia. Its most advanced candidate, UB-311, targets toxic forms of aggregated amyloid-b in the brain to fight AD. The company expects to initiate a Phase 2b early AD efficacy trial in 2022. Vaxxinity is also developing a candidate for COVID-19 prevention.
Vaxxinity plans to list on the Nasdaq under the symbol VAXX. BofA Securities, Jefferies, and Evercore ISI acted as joint bookrunners on the deal.
