Aduro Biotech, a US-based developer of treatments for pancreatic cancer backed by healthcare products manufacturer Johnson & Johnson, filed for an initial public offering on Wednesday that could raise up to $86m.
The company originally filed confidentially in December 2014.
Founded in 2000, Aduro is developing vaccine technology to combat metastatic pancreatic cancer. Its lead product candidate, CRS-207, is currently in Phase 2b clinical trials, and the company is advancing a pipeline of other candidates.
Aduro has raised approximately $160m in venture funding, according to regulatory filings, most recently attracting $51.4m for a series D round in January 2015 from a range of venture capital firms and funds.
Johnson & Johnson Development Corporation (JJDC), the corporate venturing arm of Johnson & Johnson, backed a $55m series C round for the company in June 2014.
JJDC currently holds a 6.6% stake, while Aduro’s other notable shareholders include Morningside Ventures (37.8%), John and Lois Rogers (12.5%), and Ultimate Keen (11.1%).
Aduro’s remaining investors include OrbiMed, Janus Capital Management, Jennison Associates, and Foresite Capital Management, as well as Franklin Advisers and Clough Capital Partners, which both invested on behalf of managed funds.
The company expects to use the proceeds from its offering to fund completion of the Phase 2b clinical trials, to advance CRS-207 into a Phase 2 trial for mesothelioma and ovarian cancer, to seek regulatory approval for both GVAX and CRS-207 and to manufacture them in commercial quantities.
The proceeds will also be used to advance a range of drug candidates to Phase 1 clinical trials.
Bank of America Merrill Lynch and Leerink Partners are acting as joint bookrunners, while William Blair and Canaccord Genuity are also serving as underwriters.