Acrivon Therapeutics, a Phase 2 biotech developing proteomics-based precision oncology therapies, raised $94 million by offering 7.6 million shares at $12.50, well below the range of $16 to $18. The company offered 1.7 million more shares than anticipated, and prior to pricing, it had disclosed insider indications on 88% of shares in the offering. The company also raised an additional $5 million in a concurrent private placement to existing shareholder Chione.
Through its proprietary precision medicine platform, AP3, Acrivon Therapeutics plans to utilize the creation of drug-specific OncoSignature companion diagnostics to develop its pipeline of oncology drug candidates. Lead candidate ACR-368 is a selective small molecule inhibitor targeting CHK1 and CHK2 in a potentially registrational Phase 2 trial across multiple tumor types, focusing on treatments for platinum-resistant ovarian, endometrial, and bladder cancers. Its ACR-368 OncoSignature test, which has not yet obtained regulatory approval, has been evaluated in two pretreatment tumor biopsy studies collected from patients with ovarian cancer treated with ACR-368 in past Phase 2 clinical trials conducted by Eli Lilly and Company and at the National Cancer Institute.
Acrivon Therapeutics plans to list on the Nasdaq under the symbol ACRV. Jefferies, Cowen, and Piper Sandler acted as joint bookrunners on the deal.
