Protagonist Therapeutics Discloses IPO Plans
July 11 2016 - 5:39PM
Dow Jones News
By Josh Beckerman
Protagonist Therapeutics Inc., a biopharmaceutical company
focused on treatments for gastrointestinal disorders, has disclosed
plans for an initial public offering.
The Milpitas, Calif., company filed confidential IPO paperwork
in May.
Protagonist said it believes its lead drug candidates, PTG-100
and PTG-200, "have the potential to transform the existing
treatment paradigm" for inflammatory bowel disease. The company
said its oral peptide drug candidates provide more targeted
delivery than injectable drugs.
PTG-100 has completed a Phase 1 clinical trial, while PTG-200 is
in preclinical development. The company hasn't yet generated any
revenue from product sales.
A year ago, Protagonist raised $40 million of Series C
financing. Its largest shareholders are Canaan Partners, Johnson
& Johnson Development Corp. and Lilly Ventures
The company intends to trade on Nasdaq under the symbol PTGX.
Protagonist filed to offer up to $75 million but that is a
placeholder amount likely to change.
Underwriters include Leerink Partners, Barclays and BMO Capital
Markets.
In a slow first quarter for U.S. IPOs, the biotech sector
accounted for a large percentage of market debuts. The broader IPO
market improved during the second quarter.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 11, 2016 18:24 ET (22:24 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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