AN2 Therapeutics, a Phase 2/3-ready biotech developing an in-licensed therapy for NTM lung disease, raised $69 million by offering 4.6 million shares at $15, the midpoint of the $14 to $16 range. The company offered 0.6 million (15%) more shares than anticipated.
Its initial candidate is epetraborole, a once-daily oral treatment for patients with chronic non-tuberculous mycobacterial (NTM) lung disease. The company in-licensed the exclusive worldwide development and commercialization rights for epetraborole from Anacor Pharmaceuticals (acquired by Pfizer) in 2016. AN2 Therapeutics plans to conduct a Phase 2/3 trial in treatment-refractory Mycobacterium avium complex lung disease, which is the most common type of NTM lung disease. The trial design is currently under review from the FDA, and the company plans to initiate enrollment in the 1H22, with topline results for the Phase 2 part expected in mid-2023.
AN2 Therapeutics plans to list on the Nasdaq under the symbol ANTX. Cowen, SVB Leerink, and Evercore ISI acted as joint bookrunners on the deal.
