Zenas BioPharma, Inc. is among the latest healthcare companies to jump on the IPO bandwagon, filing its prospectus even as the market experiences significantly higher activity than in 2023. It is a clinical-stage global biopharmaceutical company engaged in developing and commercializing immunology-based therapies.
Zenas recently filed papers with the Securities and Exchange Commission, seeking to list on the Nasdaq Global Market under the symbol ZBIO. Meanwhile, the company is yet to reveal the number of shares being offered and the other terms of the offering. Morgan Stanley, Jefferies, Citigroup, and Guggenheim Securities are the bookrunners of the offering.
The management intends to use proceeds from the offering, together with existing cash, primarily to advance the clinical development of lead product candidate obexelimab, including the phase-3 trial for patients with IgG4-RD, phase-2 trial for patients with MS, phase-2 trial for patients with SLE, and the phase-2/3 trial for patients with wAIHA. The remainder of the fund will be used for working capital and other general corporate purposes.
Obexelimab is a bifunctional monoclonal antibody being developed to treat IgG4-related disease and lupus. IgG4-RD is a chronic fibro-inflammatory condition that can affect virtually all organ systems. The pipeline also includes clinical programs for the potential treatment of other immunology & inflammation indications which the company intends to develop and commercialize with partners. Zenas is led by its founder Leon O. Moulder, Jr., who also serves as the chief executive officer and chairman. Originally incorporated on November 12, 2019, the company’s principal executive offices are in Waltham, Massachusetts.
Zenas has raised $358.3 million from investors since its inception. It had $183.9 million in cash as of June 30, 2024. The company does not have any product candidates approved for commercial sale in any country and has not generated any revenue from product sales.
In the six months ended June 30, 2024, Zenas incurred a loss of $65.78 million or $4.85 per share, compared to a loss of $48.14 million or $3.64 per share in the comparable period last year. Research and development expenses increased 87% year-over-year to $56.5 million during the period.
The post Everything you need to know about Zenas BioPharma’s IPO first appeared on AlphaStreet.
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