Four More Biotech Firms Added to the Industry’s 2018 IPO Total

​Crinetics Pharmaceuticals, Rubius Therapeutics, Constellation Pharmaceuticals, and Allakos all debuted shares on the NASDAQ last week. Three of the four firms are clinical-stage, with the exception being Rubuis. Crinetics, Rubius, and Allakos all raised over $100 million in their initial public offerings

• Clinical-stage biotech firm Crinetics Pharmaceuticals began trading shares on the NASDAQ last Wednesday under the symbol “CRNX.” Founded in 2008, Crinetics is focused on the discovery, development and commercialization of novel therapeutics or rare endocrine diseases and endocrine-related tumors. Their drugs work by targeting peptide hormone receptors, also known as endocrine G-protein coupled receptors (GPCRs). The San Diego company issued six million shares, raising $102 million.

• On Wednesday, Rubius Therapeutics, a biotechnology company developing red blood cell therapies, debuted on the NASDAQ under the symbol “RUBY.” The firm sold 10.5 million shares, raising $241 million, exceeding its $200 million goal. What is unique about the IPO is that Rubius is still in a preclinical stage, an uncommon trait for most biotech firms going public. Rubius’ lead programs are using engineered red blood cell therapeutics to target rare enzymatic diseases caused by a single genetic defect that result in the inactivation of a critical metabolic enzyme or bioactive protein.

• Constellation Pharmaceuticals, a Boston-area clinical stage biotech company, raised $60 million in their IPO on a 4-million-share offering. The VC-backed firm uses expertise in epigenetics to discover and develop novel therapeutics that address serious unmet medical needs in patients with cancers associated with abnormal gene expression. Constellation originally intended to raise $80 million off the sale of 5.34 million shares; however, the company elected to downsize the offering to four million shares at $15 per share.
  

​

• In an upsized IPO, Allakos raised $127.8 million, valuing the firm at $750 million based on its initial public price. Operating out of the Bay Area, Allakos is a developer of antibody therapeutics for allergic and inflammatory diseases. The company’s initial clinical focus is eosinophilic gastritis, an inflammatory disease of the gastrointestinal tract, as well as other trials with other mast cell and eosinophil-driven diseases. The company plans to use the funds raised for mid-stage trials of its flagship eosinophilic gastritis drug.