initial public offerings (IPOs) trading on American exchanges

Friday, April 14, 2017

Tocagen (TOCA) began trading on the Nasdaq on Thur 13 Apr 2017

Tocagen is focused on cancer gene therapies that are designed to use a patient's immune system against their own cancer, according to its prospectus.
Tocagen Inc. said Monday it plans to 7.25 million shares in its initial public offering, priced at $10 to $12 a share, to raise $79.8 million at the midpoint of the range.
The company priced its IPO at $10.00 per share, at the low end of an initial estimated $10.00 to $12.00 per share range. The company now has a market cap of approximately $187M.

The San Diego, CA-based firm develops gene therapies based on retroviral replicating vectors (RRVs) that are designed to selectively deliver therapeutic genes to cancer cells and persist therein.

Its lead product candidate is Breakthrough Therapy- and Fast Track-tagged Toca 511 & Toca FC for the treatment of high-grade glioma (brain cancer). Top-line data from a Phase 2 clinical trial are expected in H1 2018. Toca 511 (vocimagene amiretrorepvec) is the RRV and Toca FC is an orally administered extended-release formulation of the prodrug 5-fluorocytosine (5-FC) which readily crosses the blood-brain barrier. It is converted into the chemo agent 5-FU by an enzyme called cytosine deaminase (CD). The company says 5-FU delivered this way has a dual mechanism of action, killing cancer cells and boosting the immune system by killing immunosuppressive cells.

In November 2015, Tocagen initiated the Phase 2 portion of a randomized, controlled Phase 2/3 clinical trial of Toca 511 & Toca FC in patients with recurrent HGG, which is designed to serve as a potential registrational trial. The company completed enrollment of the Phase 2 portion with 187 patients in February 2017 and plan to report top-line results in the first half of 2018. In February 2017, the U.S. Food and Drug Administration (FDA) granted Toca 511 & Toca FC Breakthrough Therapy Designation for the treatment of patients with recurrent HGG.

2016 Financials ($M): Operating Expenses: 31.7 (+37.8%); Net Loss: (33.4) (-44.6%); Cash Burn: (29.5) (-40.5%).

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