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Vancouver-Based Biotech Company Aquinox Pharmaceuticals Files for $57.5 Million IPO
Thursday, January 30, 2014Company Profile | Follow Company
Vancouver, BC, January 30, 2014--(T-Net)--Vancouver-based biotech company Aquinox Pharmaceuticals filed on Tuesday this week with the SEC in the US to raise up to $57.5 million US in an initial public offering (IPO).
The Vancouver-based company, which was founded in 2006, plans to list on the NASDAQ stock exchange under the symbol "AQXP".
Jefferies and Cowen & Company are the joint bookrunners on the deal, with Canaccord Genuity acting as Co-Manager.
Aquinox is a clinical-stage pharmaceutical company discovering and developing novel oral drug candidates to treat inflammation and cancer. Their primary focus are anti-inflammatory product candidates targeting SHIP1, which is a key regulator of an important cellular signaling pathway in immune cells, known as the PI3K pathway.
In June 2007, the company raised U.S. $14.5 million in a Series A venture capital financing. The financing was led by Ventures West Capital Ltd. and included new investors, Johnson & Johnson Development Corporation (JJDC) and Baker Brothers Investments. The company's existing investor, BC Advantage Funds (VCC) Ltd., managed by Lions Capital Corp., also participated in the financing. The financing proceeds were used to identify and advance the company's lead development candidate through preclinical and IND-enabling studies.
In June 2010, the company secured an additional U.S. $25 million in the close of a Series B venture capital financing, again led by Ventures West Capital Ltd. A new investor, Pfizer Venture Investments (PVI), participated in the financing along with all other existing investors: Johnson & Johnson Development Corporation, Baker Brothers Investments and BC Advantage Funds (VCC) Ltd. The proceeds from this financing were used to advance the company's lead clinical candidate, AQX-1125, through a three-part Phase I trial, as well as two proof-of-concept clinical trials.
In April 2013, the company completed a U.S. $18 million Series C venture capital financing, led by Johnson & Johnson Development Corporation. New investor Pharmstandard Ventures (PSV) participated in the financing along with other existing investors: Pfizer Venture Investments, Ventures West Capital, and Baker Brothers Investments. The proceeds from this financing will be used to advance the company's lead clinical candidate, AQX-1125, through two large Phase II clinical trials as well as completing all preclinical activities required for drug registration.
AQX-1125 is the company's lead SHIP1 activator and has generated positive clinical data from three completed clinical trials, including two proof-of-concept trials, one in COPD and one in allergic asthma, demonstrating a favorable safety profile and anti-inflammatory activity.
Pricing terms for the planned IPO have not yet been disclosed.
About Aquinox
We are a clinical-stage pharmaceutical company discovering and developing novel oral drug candidates to treat inflammation and cancer. Our primary focus is anti-inflammatory product candidates targeting SH2-containing inositol-5'-phosphatase, or SHIP1, which is a key regulator of an important cellular signaling pathway in immune cells, known as the PI3K pathway. Our lead product candidate, AQX-1125, has demonstrated broad anti-inflammatory activity in vitro and in vivo, and has successfully completed three clinical trials with over 100 patients enrolled to date. We are currently investigating AQX-1125 in two Phase 2 clinical trials, one for Chronic Obstructive Pulmonary Disease, or COPD, and one for Bladder Pain Syndrome/Interstitial Cystitis, or BPS/IC. COPD and BPS/IC are debilitating chronic inflammatory diseases affecting millions of people worldwide.
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