Cabaletta Bio filed the paperwork for their $100 Million IPO on 9/30/19. The Philadelphia, PA based company is developing treatments for a number of autoimmune diseases utilizing the founders' variation of CARs called CAARs or chimeric autoantibody receptors. CAARs are designed to selectively bind with and eliminate pathogenic B cells while sparing normal B cells. Cabaletta will trade on NASDAQ under the symbol “CABA.”
The company currently has four products in development. Its most advanced product is DSG3-CAART for the treatment of mucosal pemphigus vulgaris. Cabaletta intends to begin Ph I trials for DSG3-CAART in 2020. The company's additional product candidates ,currently in discovery-stage or preclinical development, include treatments for muscle-specific kinase myasthenia gravis, or MuSK MG, mucocutaneous PV, or mcPV, and Hemophilia A with Factor VIII, or FVIII, alloantibodies.
In January of 2019, the company announced the closing of a $50 Million Series B round. This brought the total funding to $88 Million. Investors included Deerfield Management Company, Boxer Capital of Tavistock Group, Redmile Group and Cormorant Capital with pro rata participation from founding investors including Adage Capital Management, and 5AM Ventures.
The company intends to use the proceeds from the IPO to advance development of DSG3-CAART and to fund additional R&D efforts. The company will also use proceeds for technology transfer to contract development and manufacturing organizations and to advance plans to build our own manufacturing facility, pending receipt of clinical data.