Three months after completing a new record fund-raising round, the Belgian-American biotech company iTeos Therapeutics is about to enter the Nasdaq. The company has in fact filed an application for an initial public offering (IPO) with the SEC, the American regulator, announced the Wall Street stock exchange on Wednesday evening, June 24th, in a press release. The objective of this IPO is to raise up to $100 million in financial resources. The banks JPMorgan, SVB Leerink and Piper Sandler are supervising the operation.
A spin-off of UCLouvain and the Ludwig Institute for Cancer Research, iTeos specialises in immunotherapy treatments for cancer. Its HQ and all its research facilities are in the Gosselies Biopark, but it also has an American site in Cambridge, Massachusetts, where CEO Michel Detheux resides.
Read more about the latest developments of the biotech company iTeos and find out the most important financial headlines with the Born2Invest mobile app.
iTeos raised $125 million at the beginning of April in a new round
The company had raised $125 million at the beginning of April during a new round, the largest in the history of Walloon biotechnology and even the largest round of capital for an unlisted growth company in the country.
The Series B2 financing round was co-led by RA Capital Management and Boxer Capital and included new investors Janus Henderson Investors, Invus, and RTW Investments along with existing investors Curative Ventures, MPM Capital, SFPI, Fund+, VIVES Louvain Technology Fund, 6 Dimensions Capital, SRIW, and HBM Partners.
“We are very pleased to have the strong support of this leading class of investors who share our excitement for the highly innovative oncology therapies we have developed at iTeos,” said Michel Detheux, PhD, President and Chief Executive Officer at iTeos. “We look forward to accelerating and expanding our clinical development efforts to identify the most promising indications and combinations for people suffering with cancer. This financing maximizes our ability to execute our development plans alone or in partnership.”
The company is developing two major programs
iTeos has two important programs in advanced development. The first is a product candidate called EOS-850, which is already in a Phase 1/2 clinical trial with patients with various solid tumors. This molecule attacks the mechanisms that tumors put in place to evade the immune system, whether this is stimulated by drugs (in the case of immunotherapy) or is the normal response to different types of aggression.
This study, which is taking place at various centers in Belgium, among others, is being conducted as monotherapy, but also as a complement to an already used anti-cancer treatment. iTeos has concluded an agreement with the American group Merck at the end of 2019 to evaluate the safety and efficacy of its flagship product in combination with the immunotherapy treatment Keytruda.
In addition, the biotech company has just started the first part of another Phase 1/2 clinical trial for a second product candidate, an antibody (named EOS-448) that targets a specific antigen. This second product targets both solid cancers and hematological malignancies. It is part of a very promising new class of immunotherapies known by the acronym TIGIT.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in L’Echo, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Taur, a high-tech electric scooter that was funded via Kickstarter
Taur, a new electric scooter that was funded through a crowdfunding campaign on Kickstarter can now be purchased for $1.106...
V recovery versus K recovery: what is it going to be?
The markets continue to trace out what could prove to be an important top. There are no sell signals yet,...
Gold & Dow Jones’ step sum symmetry
Like the Dow Jones, gold too is range bound between its BEV Zero and BEV -10% lines below. This is...
Alibaba’s fintech branch goes public after receiving the permission
Ant received this Wednesday, October 21st the permission from the China Securities Regulatory Commission. The jump to the stock market...
Roche signs its new diabetes business manager in Spain to Isdin
The company Roche Diabetes Care Spain, part of the Swiss pharmaceutical group, has appointed Josep Maria Vallmajó to hold the...
Africa6 days ago
Why countries in southern Africa could become leaders in the cannabis sector
Business6 days ago
How COVID-19 has changed the VC landscape
Business6 days ago
How to market your business during and after the pandemic
Business6 days ago
Hot junior miner Rockridge Resources goes all-in at the Raney Gold Project