US-based immunotherapy developer Unum Therapeutics has filed to raise up to $86.3m in an initial public offering that will allow subsidiaries of pharmaceutical companies Novo, Sanofi, EMS and Seattle Genetics to exit.
Unum is developing immuno-oncology drugs that will fight cancer by triggering reactions in a patient’s immune system. Its lead program is a cell therapy based on its antibody-coupled T cell receptor technology that will work in tandem with antibiotics.
The proceeds from the offering will fund the completion of a phase 1 clinical trial for a receptor known as ACTR087 for non-Hodgkin lymphoma when used with rituximab, and a phase 2 trial in the same combination for patients who have already received CD19 CAR-T therapy treatment.
Additional funds will support phase 1 trials for another candidate, ACTR707, for non-Hodgkin lymphoma when used with rituximab, and a separate trial for ACTR707 when used with trastuzumab.
Sanofi subsidiary Aventisub provided $2m for Unum’s $12m series A round in 2014, which was co-led by Fidelity Biosciences, the subsidiary of financial services group Fidelity now known as F-Prime Capital Partners, and venture capital firm Atlas Venture.
Unum raised $65m the following year in a series B round led by New Leaf Venture Partners that included Seattle Genetics, Novo, Sanofi and EMS, the latter two investing through their Sanofi-Genzyme BioVentures and Brace Pharma Capital units.
Fidelity Biosciences, Atlas Venture, Cowen Private Investments, Jennison Associates, Sabby Management, Sectoral Asset Management and Wellington Management Company also contributed to the round.
Dario Campana, Unum’s scientific founder, is its largest shareholder, with a 21% stake. Sanofi owns 5.8%, Atlas Venture 13.9%, F-Prime 9.9% and New Leaf 5.3%.
Cowen and Company, Morgan Stanley and Wedbush Securities have been appointed underwriters for the offering, which is set to take place on the Nasdaq Global Market.