Real estate investment trusts Biomed Realty and Alexandria Real Estate Equities are in line for an exit after US-based antibody therapeutics developer Compass Therapeutics filed for an initial public offering on Monday.
The company has set an initial target of $50m for the offering, which is set to take place on the Nasdaq Capital Market. Citigroup Global Markets, Credit Suisse Securities (USA), Stifel Nicolaus and Raymond James have been appointed underwriters.
Compass is developing immuno-oncology drugs to combat solid tumours and haematological malignancies and the IPO proceeds will partially fund a second phase 1 clinical trial for its lead product candidate, a monoclonal antibody agonist known as CTX-471.
Additional proceeds will support the progress of two more candidates, CTX-8371 and CTX-8573, in addition to research on more potential bispecific antibody product candidates.
Investment firm OrbiMed Advisors led the only funding round disclosed by Compass, a $132m series A that closed in mid-2018 and which included Alexandria Real Estate Equities and Biomed Realty.
F-Prime Capital, a venture capital vehicle for investment and financial services group Fidelity, also took part in the round, as did Cowen Healthcare Investments, Thiel Capital, Biomatics Capital, Ulysses Holdings and Borealis Ventures.
The company’s largest investor is OrbiMed, the owner of a 24.4% share, followed by Ulysses Diversified Holdings (10.1%), Cowen Healthcare Investments (6.1%), Consonance Capital Management (5.8%), F-Prime and Borealis Ventures (5.3% each).
