Pfizer biotech spinout, Springworks Therapeutics, updated it IPO filing on 9/3/19. The company will raise up to $143 million and offer 7,352,941 shares. Springworks is a clinical-stage biopharmaceutical company launched in 2017 with several Pfizer assets and a $103 million Series A round. The company will trade on NASDAQ under the symbol “SWTX.”
The company has two lead candidates in the pipeline: nirogacestat and mirdametinib. Nirogacestat is an investigational, oral, small molecule, selective gamma secretase inhibitor with Orphan Drug and Fast Track designations in the United States for the treatment of desmoid tumors, a devastating condition for which there are currently no FDA-approved therapies. The drug is in Ph III trials.
Mirdametinib is an investigational oral, small molecule, selective inhibitor of MEK1 and MEK2, which are proteins that play key roles in the MAPK signaling pathway. The MAPK pathway is critical for cell survival and proliferation, and inappropriate activation of this pathway, as is the case when certain mutations occur in the NF1 gene, has been shown to help enable tumor growth. Mirdametinib has demonstrated an ability to block the activity of the MAPK pathway, which may help arrest uncontrolled cellular growth. The drug is in Ph IIb trials.
In April of 2019, SpringWorks raised $125 million in s Series B round. This brought the total raised at that point to $228 Million.