IO Biotech, Inc. Plans $101 Million IPO for November 5th (IOBT)

IO Biotech, Inc. (IOBT) is planning to raise $101 million in an IPO on Friday, November 5th, IPO Scoop reports. The company plans to issue 6,500,000 shares at $14.00-$17.00 per share.

The company has a market-cap of $398.8 million.

Morgan Stanley, Jefferies and Cowen served as the underwriters for the IPO and Kempen & Co. was co-manager.

IO Biotech, Inc. provided the following description of their company for its IPO: “We are a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies based on our T-win technology platform. Our product candidates are designed to induce the immune system to simultaneously target and disrupt multiple pathways that regulate tumor-induced immunosuppression. We believe this represents a paradigm shift in the management of cancer and that our product candidates have the potential to become cornerstones of the treatment regimens of multiple solid tumors. Our lead product candidate, IO102-IO103, is designed to target the immunosuppressive mechanisms mediated by key immunosuppressive proteins such as Indoleamine 2,3-dehydrogenase (IDO) and programmed death ligand (PD-L1). In a single-arm Phase 1/2 clinical trial (the MM1636 trial) of 30 patients with metastatic melanoma with the primary objective to investigate safety and tolerability, secondary objective to investigate immunogenicity and tertiary objective to investigate clinical efficacy. IO102-IO103, in combination with nivolumab, demonstrated an ability to induce meaningful tumor regression and establish durable antitumor response while achieving a manageable tolerability profile for patients. The clinical efficacy endpoints in this trial include objective response (OR), progression free survival (PFS) and overall survival (OS). In this trial, we have observed a confirmed overall response rate (ORR) of 73% and a complete response (CR) rate (CRR) of 47%. Based on the results from this trial, IO102-IO103, in combination with pembrolizumab, was granted Breakthrough Therapy Designation (BTD) by the U.S. Food and Drug Administration (FDA) for treatment of unresectable/metastatic melanoma, and we are currently planning a potentially registrational Phase 3 trial for IO102-IO103 in combination with pembrolizumab. “.

IO Biotech, Inc. was founded in 2014 and has 19 employees. The company is located at Mai-Britt Zocca Ole Maaløes Vej 3 DK-2200 Copenhagen N Denmark and can be reached via phone at +45 7070 2980 or on the web at http://www.iobiotech.com/.

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