Poseida Therapeutics, a US-based gene therapy developer that counts pharmaceutical firm Novartis as an investor, has filed for a $115m initial public offering on the Nasdaq Global Select Market.
Founded in 2014, Poseida has built a gene engineering platform that combines DNA modification, gene editing and a nanoparticle and adeno-associated virus-based gene delivery technologies, and has cancer and haematological disease treatments in development.
The brunt of the IPO proceeds will fund clinical development of three drug candidates, two focused on a type of bone marrow cancer known as multiple myeloma and one on metastatic castration-resistant prostate cancer.
The company raised an amount indicated by a securities filing to be $23m in 2015, the money coming from backers including life sciences investment firm Malin, and added $11.2m in funding two years later. It raised $30.5m in a 2018 series B round led by Longitude Capital and backed by Malin, Vivo Capital and Tavistock Group.
Novartis put up $75m to lead a 2019 series C round that closed at $150m in July according to the IPO filing, investing with biotech company Transposagen Biopharmaceuticals, Malin, Longitude Capital, Vivo Capital, Aisling Capital, Pentwater Capital, Perceptive Advisors, and Tavistock Group’s Boxer Capital subsidiary.
Malin is the largest investor in the company according to the filing, holding a 23.2% stake while Novartis owns 14.9% and Longitude Capital 6.2%. Poseida CEO Eric Ostertag holds 10% through a family trust and a further 9.2% through a vehicle called Titan.
BofA Securities, Piper Sandler and William Blair have been appointed underwriters for the offering.
