Kodiak Sciences, a clinical stage biopharmaceutical firm based in California, laid out its terms for its initial public offer earlier this week. The company wants to raise $126 million by offering 9 million shares of its common stock at a price of between $13 and $15 each.
According to its prospectus with the U.S. Securities and Exchange Commission, Kodiak plans to list its shares under the “KOD” symbol on the Nasdaq Global Market. Shares of the company are expected to start trading on during the week of October 1, 2018.
The firm has also granted its underwriters a 30-day option to buy up an additional 1.35 million shares of its common stock at the price range of the IPO, less underwriting commissions and discounts. BofA Merrill Lynch, Barclays, and Morgan Stanley are acting as the underwriters, while Chardan is the lead manager for the proposed deal.
Kodiak Sciences focuses on the development of retinal disease therapeutics and is currently working on stage 1/2 clinical trials for its lead drug candidate KSI-301. The drug is targeted at treating diabetic retinopathy and wet age-related macular degeneration.
It is also developing other drug candidates aimed at treating various types of retinal problems. The drugs are expected to face competition from other similar drugs developed by Allergan PLC, Apellis Pharmaceuticals, and Novartis International AG.
The company posted a net loss of $27.9 million last year, up from $17.1 million in 2016. It plans to use proceeds of the offering to develop KSI-301, as well as for working capital and general corporate purposes.
Kodiak Sciences is under the leadership of its co-founder Victor Perlroth, who is also a former Venture Partner at MPM Capital. The company has the backing of Perceptive Advisors and ArrowMark Partners.
About Kodiak Sciences Inc
Kodiak Sciences Inc is a clinical stage biopharmaceutical company that provides novel therapeutics to treat ophthalmic diseases. The company’s lead product candidate is KSI-301, a vascular endothelial growth factor (VEGF)-biologic that is in Phase I clinical study to treat wet age-related macular degeneration (AMD) and diabetic retinopathy.
Its preclinical stage product candidates include KSI-501, a bispecific anti-interleukin 6/VEGF bioconjugate to target inflammation and abnormal angiogenesis in the pathogenesis of retinal vascular diseases; KSI-201, a recombinant mammalian cell expressed dual inhibitor antibody biopolymer bioconjugate for the treatment of wet AMD; and KSI-401, a recombinant mammalian cell expressed antibody biopolymer conjugate for the treatment of dry AMD.
The company was formerly known as Oligasis, LLC and changed its name to Kodiak Sciences Inc. in September 2015. Kodiak Sciences Inc. was founded in 2009 and is headquartered in Palo Alto, California. – Bloomberg