US-based small molecule therapy developer C4 Therapeutics has filed to raise up to $100m in an initial public offering that would enable pharmaceutical firms Roche and Novartis and conglomerate Kraft Group to exit.
C4 is developing treatments for diseases including cancer and various neurodegenerative disorders that are designed to work by degrading disease-causing proteins.
Part of the IPO proceeds will fund part of a phase 1/2 clinical trial for a drug candidate, CFT7455, in multiple myeloma and non-Hodgkin lymphomas – both forms of cancer – as well as parts of phase 1/2, phase 2 and phase 3 studies for a second candidate, CFT8634, in solid tumours or a type of cancer called synovial sarcoma.
The company will also put funds into studies supporting an investigational new drug application for two more candidates – BRAF V600E and RET – which are being developed to combat genetically defined resistant solid tumours.
The offering will follow $225m in equity funding and $20m in debt financing, $73m of which came in a 2016 series A round led by Cobro Ventures and backed by Roche, Kraft Group, Novartis, Cormorant Asset Management, EG Capital Group and various individuals.
Investment vehicle DF Investment Partners provided $2m for the company in December 2018 according to the IPO filing, before C4 secured $150m in series B funding and $20m in debt financing in June this year, with Cobro Ventures and Perceptive Advisors co-leading the equity portion.
RTW Investments, HBM Healthcare Investments, Lightchain Capital, Adage Capital Management, Axil Capital, Bain Capital Life Sciences, Commodore Capital, 3E Bioventures Capital, Logos Capital, Mizuho Securities Principal Investment and Nextech also took part in the round, as did unnamed existing backers.
The company’s largest investors are Cobro Ventures (11.7%), Perceptive Advisors (8.1%), Cormorant Asset Management (7.8%) and RTW Investments (5.3%).
Jefferies, Evercore Group, BMO Capital Markets and UBS Securities are underwriters for the IPO, which is set to take place on the Nasdaq Global Market.
