Belgian-Dutch antibody developer Argenx N.V. seeks to raise US$74.7m in a US IPO. The company, which is already listed on Euronext wants to use the proceeds to push development of its autoimmune and cancer drugs.
In order to get its lead products into the next stages of development, Argenx is looking across the Atlantic for funds. The clinical-stage biotechnology company has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed public offering in the US of its American Depositary Shares (ADSs). Argenx hopes to raise up to US$74.7m (€68.8m), allowing it to bring its lead autoimmunity and oncology products, ARGX-113 and ARGX-110, to the next milestone.
ARGX-113 is a first-in-class antibody fragment designed for the treatment of patients with severe autoimmune diseases associated with high levels of pathogenic immunoglobulin G, or IgG, antibodies for which few innovative biologic treatments have been approved and severe unmet medical need exists. ARGX-113 has been created to degrade circulating disease-causing autoimmune antibodies and has potential in many large and orphan indications: multiple sclerosis, immune thrombocytopenia, systemic lupus erythematosus, myasthenia gravis and skin blistering diseases. Argenx hopes to advance clinical development of ARGX-113 sufficiently to complete our Phase 2 clinical trials in the rare autoimmune diseases myasthenia gravis and primary immune thrombocytopenia and start preparations for a potential pivotal trial in one selected indication. Argenx also wants to expand applications of ARGX-113 to develop a subcutaneous formulation and explore additional indications.
ARGX-110 is a first-in-class antibody with broad therapeutic potential across a range of blood and solid tumours. It has demonstrated a promising safety profile and initial signs of biological activity in ao T-cell lymphoma (TCL), renal cell carcinoma, ovarian cancer and mesothelioma. Argenx plans to use the money raised to complete our Phase 2 clinical trial in cutaneous TCL and its Phase 1/2 clinical trial in newly diagnosed acute myeloid leukemia, or AML, as well as high-risk myelodysplastic syndrome, or MDS.
Argenx plans to have its ADSs listed on the NASDAQ Stock Market under the symbol “ARGX”. It is already listed under the same symbol on the regulated market of Euronext Brussels, where it listed in 2014. The terms of the IPO have not yet been set.