Neon Therapeutics, a US-based immuno-oncology treatment developer backed by pharmaceutical company Pharmstandard International and conglomerate Access Industries, filed for a $115m initial public offering on Thursday.
Neon Therapeutics is developing therapeutics vaccines and T-cell therapies for cancer. Its approach relies on targeting neoantigens – antigens which are foreign to the body but present in cancer cells.
The proceeds will enable Neon to fund the ongoing clinical development of its lead candidate NEO-PV-01 and to support pre-clinical programs and research activities, including the initiation of several phase 1 clinical trials for additional candidates.
Neon previously raised $106m in series B funding, closing the round in December 2017 following a $36m extension backed by Pharmstandard, Access Industries, Fidelity Management & Research, Partner Fund Management (PFM), Wellington Management, Arrowmark Partners, Nextech Invest, Hillhouse Capital Group and Casdin Capital.
Access Industries had also supported a $70m first close in January 2017 alongside PFM, Fidelity, Third Rock Ventures, Wellington Management Company, Inbio Ventures and Nextech Invest.
In 2015, Neon secured $55m in a series A round featuring Access Industries as well as Clal Biotechnology Industries, a healthcare-focused investment holding firm 49.9% owned by Access, and founding investor Third Rock.
Third Rock currently owns approximately 44.4% in Neon, followed by Access Industries (nearly 12.7%), Fidelity (almost 7.5%) and PFM (roughly 6.8%).
Morgan Stanley, Merrill Lynch, Pierce, Fenner & Smith, Mizuho Securities USA and Oppenheimer are acting as underwriters for the offering.