Lei Jianping on April 8
Biotech start-up Boundless Bio (ticker symbol BOLD) has been listed on the NASDAQ in the United States. This is the ninth pharmaceutical company to go public this year.
Boundless offered 6.25 million shares at a price of $16 for gross proceeds of $100 million.
As of today, Boundless shares are trading at $13.36 and have a market capitalization of about $300 million.
Annual operating loss of $54.8 million
Founded in 2018, Boundless is a cancer drug discovery and development company focused on ecDNA and is developing multiple ecDNA pipelines.
Among them, the fastest advanced pipeline is in Phase I clinical phase and is expected to receive preliminary clinical concept safety and anti-tumor activity data for the first drug in the second half of 2024.
ecDNA is a class of small, circular DNA that is located outside the chromosome and is self-replicating. ecDNA is an important driver of cancer initiation and progression, tumor drug resistance, and tumor recurrence.
It has been shown that ecDNA is the root cause of large amplification of oncogenes and is ubiquitous in tumor cells. These ecDNAs are hardly present in normal cells, but are found in cancer cells in more than 14% of cancer patients.
According to the prospectus, Boundless has no revenue for the time being, with R&D expenses of US$37.16 million and US$42.64 million in 2022 and 2023, and management expenses of US$9.31 million and US$12.16 million respectively.
Boundless' operating losses in 2022 and 2023 were $46.47 million and $54.8 million, respectively, and net losses were $45.9 million and $49.43 million, respectively.
RA CapitalyBayer
IPO前，Boundless完成了三轮融资，共筹集资金2.54亿美元，投资方阵营包括ARCH Venture Partners、RA Capital Management、拜耳飞跃以及 Fidelity Management and Research Company等。
IPO前，ARCH Venture Partners持股为15.6%，Fidelity持股为14.8%，RA Capital Management持股为11.7%，Bayer HealthCare LLC持股为9.2%，Nextech VI Oncology SCSp持股为7.4 %，Vertex Global HC Fund II Pte.持股为5.9%；
Zachary D. Hornby持股为4.1%, Jonathan A. Lim, M.D.持股为4.2%.
IPO后，ARCH Venture Partners持股为11.2% ，Fidelity持股为10.6%，RA Capital Management持股为8.4 %，Bayer HealthCare LLC持股为6.6%，Nextech VI Oncology SCSp持股为5.3 %，Vertex Global HC Fund II Pte.持股为4.2%；
Zachary D. Hornby持股为3%, Jonathan A. Lim, M.D.持股为3%.
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