IGM Updates its IPO - May Raise over $200 Million

September 17, 2019

IGM updated its IPO filing on 9/17/19. In the amended filing, the Mountain View, CA based biotech said it may raise up to $213 million and offer 10,937,500 shares. IGM will trade on NASDAQ under the symbol "IGMS."

The company is pioneering the development of engineered IgM antibodies for the treatment of cancer patients. IgM antibodies have inherent properties that IGM believes may enable the antibodies to bind more strongly to cancer cells than comparable IgG antibodies. 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 expects to dose the first patient with IGM-2323 in a Ph I trial for the treatment of relapsed/refractory B cell Non-Hodgkin’s lymphoma (NHL) patients in 2019.

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.

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