Cancer biotech Arcellx prices 8.25M-share IPO at $15

By Meghavi Singh,

The Gaithersburg, MD-based Arcellx (ACLX) has priced its IPO of 8.25M shares of common stock at $15.00/share, for expected gross proceeds of ~$123.8M.

The company initially filed to offer offer 8.3M shares in the range of $15 to $17 per share.
In early January, the company said in a filing that it was seeking to raise up to $100M.
Underwriters’ over-allotment is an additional 1.24M shares.
Nasdaq trading will commence today on February 4, 2022.
Closing date is Feb.08.
The biotech company’s lead ddCAR candidate, CART-ddBCMA, is in Phase 1 development for the treatment of relapsed or refractory (r/r) multiple myeloma (MM). The company believes preliminary results from the trial demonstrate that D-Domains can potentially provide meaningful clinical benefits. Arcellx plans to initiate a Phase 2 pivotal trial of CART-ddBCMA for treatment of r/r MM in late 2022, as well as pursue development of the candidate in earlier lines of therapy.
Arcellx is still operating in the red. For the nine months ended Sept. 30, 2021, the company reported a net loss of $44M, compared with a net loss of $23M for the prior year. No revenue was reported for either year.
BofA Securities, SVB Leerink, Barclays, and William Blair are the joint bookrunners on the deal.
SA contributor Avisol Capital Partners recently took a closer look at Arcellx and its pipeline.

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