US-based immuno-oncology therapy developer Checkmate Pharmaceuticals has filed to raise up to $75m in an initial public offering on the Nasdaq Global Market that would allow pharmaceutical firm Novo to exit.
Checkmate is working on drugs intended to leverage the body’s immune system to fight solid cancerous tumours. Its lead product candidate, CMP-001, is currently in phase 1b clinical trials.
The IPO proceeds will fund a phase 2 refractory melanoma study as well as development of CMP-001 in naïve front-line melanoma and a phase 2 study for head and neck squamous cell carcinoma.
The company has raised $175m in funding. Novo invested $20m to co-lead an $85m series C round co-led with Longitude Capital last month that included F-Prime Capital, a venture capital arm of investment and financial services group Fidelity.
American Cancer Society’s BrightEdge fund also took part in the series C round, as did Medicxi, Omega Funds, Clough Capital Partners, Sectoral Asset Management and existing backers Sofinnova Investments, VenBio Partners and Decheng Capital.
Novo has a 10.2% share of Checkmate, whose largest shareholders are Sofinnova and VenBio, with 21.1% each. Its other notable investors are Longitude Capital (8.9%), Decheng Capital (7.5%), F-Prime (5.6%), Medicxi and Omega Funds (5.1% each).
BofA Securities, Jefferies, BMO Capital Markets and BTIG have been appointed underwriters for the offering.
