IGM Biosciences files for $100 Million IPO

August 20, 2019

IGM Biosciences filed the paperwork for its IPO on 8/19/19. The company will raise up to $100 Million. IGM is pioneering the development of engineered IgM antibodies for cancer treatments. The company will trade on NASDAQ under the symbol "IGMS."

IGM has created a proprietary IgM antibody technology platform for developing T cell engagers, receptor cross-linking agonists and targeted cytokines. Its lead candidate is IGM-2323.

IGM-2323 is a CD20 x CD3 bispecific IgM antibody designed to treat patients with B cell Non-Hodgkin’s lymphoma (NHL) and other B cell malignancies. The initial therapeutic goal with IGM-2323 is to safely and effectively treat relapsed/refractory B cell NHL patients. In contrast to other bispecific antibody formats that bind to one or two CD20 molecules on the surface of the cancer cell and to one CD3 molecule on the surface of the T cell, IGM-2323 has 10 binding units to CD20 and one binding unit to CD3.

The company also has a candidate that is expected to be an IgM antibody targeting Death Receptor 5 (DR5) for the treatment of patients with solid and hematologic malignancies. DR5 is a member of the tumor necrosis factor receptor superfamily (TNFrSF) and is often expressed on the surface of cancer cells.

In July of 2019, the company announced a $102 Million Series C round. Investors included Redmile Group, Janus Henderson Investors, Vivo Capital and another large U.S.-based, healthcare-focused fund. Haldor Topsøe Holding A/S

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