Dana-Farber Cancer Institute's cancer therapy developer raised $182m in an upsized IPO where it floated above its range.
C4 Therapeutics, a US-based small molecule drug developer spun out of the Harvard-affiliated Dana-Farber Cancer Institute, floated in a $182m initial public offering on Friday.
The company increased the number of shares in the offering from just over 8.8 million to 9.6 million and priced them at $19.00 each, above the IPO’s $16 to $18 range.
Founded in 2016, C4 is working on treatments for diseases such as cancer or neurodegenerative conditions by degrading and destroying disease-causing proteins.
Approximately $40m of the IPO proceeds will go to a phase 1/2 clinical trial for a product candidate dubbed CFT7455 in multiple myeloma and non-Hodgkin lymphomas. Another $56m will fund trials for a candidate called CFT8634 for synovial sarcoma or solid tumours.
A further $62m will support studies for two more candidates, BRAF V600E and RET, to enable investigational new drug applications for genetically-defined resistant solid tumours.
