Sienna Biopharmaceuticals, a US-based dermatology product developer that emerged from one of pharmaceutical group Johnson & Johnson’s JLabs incubators, has filed to raise up to $74.8m in an initial public offering.
Sienna is developing topical therapies for skin conditions, and its lead product candidate, SNA-120, is in phase 2b clinical trials for psoriasis and an associated itch condition called pruritus.
The IPO proceeds will fund the phase 2b trials as well as preclinical and clinical studies for SNA-125 through receipt of proof of concept data in each of atopic dermatitis and psoriasis, as well as trials for a topic dermatitis and psoriasis treatment candidate and pivotal clinical trials for a third.
The company, then known as Sienna Labs, entered JLabs in 2013, though Johnson & Johnson has not subsequently provided it with any investment.
Sienna has raised $86m in funding, most recently closing a $40m series B round co-led by Arch Venture Partners and Venvest Capital in April 2017.
Arch Venture Partners is Sienna’s largest shareholder, with a 23.4% stake, while Partner Fund Management owns 9.5% and financial services provider Fidelity Research and Management 6.6%.
JP Morgan Securities, Cowen and Company and BMO Capital Markets have been appointed underwriters for the IPO.