Alopexx, a Phase 2 biotech developing immune therapies for bacterial, fungal, and parasitic infections, changed the terms for its upcoming IPO on Wednesday.
The Cambridge, MA-based company now plans to raise $15 million by offering 3 million shares at $5. The company had previously filed to offer 2.5 million shares at a range of $5 to $7. At the revised terms, Alopexx will raise the same amount of proceeds.
Because Alopexx will have a post-IPO market cap of less than $50 million, it will be excluded from Renaissance Capital's stats.
Alopexx's most advanced candidate, F598, has completed Phase 1 and pilot Phase 2 trials and was well tolerated, with a single infusion providing sustained serum levels for 2-3 months. The company's other candidate, synthetic poly N-acetyl glucosamine (PNAG) vaccine AV0328, completed a Phase 1 trial and was found to induce antibodies capable of killing a wide range of PNAG-expressing pathogens. Alopexx believes its therapies also have potential applicability beyond infectious diseases, including treatment of neurological conditions and cognitive decline due to inflammation.
Alopexx was founded in 2006 and plans to list on the Nasdaq under the symbol ALPX. ThinkEquity is the sole bookrunner on the deal.
