US-based oncology treatment developer CytomX Therapeutics has filed for an initial public offering sized up to $100m that will provide exits to pharmaceutical firms Roche and Pfizer.
Founded in 2008, CytomX is developing a range of antibody therapeutics based on its Probody technology platform. Its lead product candidate is CX-072, which helps prevent autoimmune attacks against healthy tissue in the body.
CytomX will use the IPO proceeds to support development and Phase 1 clinical trials for CX-072 and an additional treatment for another immuno-oncology target, CD-166. Further cash will support other research and development activities.
Roche Finance, a subsidiary of Roche, holds a 6.8% share of CytomX, while Pfizer owns a 5.7% share.
Venture capital firm Third Rock Ventures is CytomX’s largest shareholder, owning a 30.8% stake, while other notable investors include Canaan Partners (17.4%) and Fidelity Management and Research (8.7%).
CytomX has raised about $165m in funding, according to media reports and regulatory filings, most recently closing a $70m series D round led by financial conglomerate Fidelity Management and Research in June this year.
Roche took part in the company’s $41m series B round in 2012, before Pfizer Venture Investments, Pfizer’s strategic investment arm, led its $20m series round in January this year.
The company’s other backers include Casdin Capital, Cormorant Asset Management, Deerfield Management, Perceptive Advisors, Redmile Group, Tekla Healthcare Investors, Tekla Life Sciences Investors, Venrock Healthcare Capital Partners and Wellington Management Company.
BofA Merrill Lynch, Jefferies and Cowen and Company are serving as joint book-running managers for the offering, while Oppenheimer is serving as manager for the offering.