Apogee Therapeutics Inc will offer 15.625 million of its common shares in an initial public offering (IPO) that is expected to be priced between $15 and $17 per share, according to a US Securities and Exchange Commission (SEC) filing.
The stock offering, which would value the company at as much as $774.5 million, is expected to net Apogee proceeds of between $228.2 million and $263.1 million, depending on whether the underwriters exercise in full their option to purchase additional shares.
The biotech company said it has applied to list its common stock on the Nasdaq under the symbol ‘APGE’.
Apogee noted that its business model seeks to develop “differentiated” treatments for atopic dermatitis, chronic obstructive pulmonary disease, and other illnesses with “high unmet need.”
The company added that it intends to use the net proceeds of the offering, together with its existing cash, to fund its clinical trials, including a potential Phase 2 trial, and manufacturing of its APG777 program, fund its preclinical studies, clinical trials and manufacturing of its APG808 program, fund its preclinical studies, clinical trials and manufacturing of its APG990 program and fund its preclinical studies of its APG222 program.
In its prospectus, Apogee stated that it lost $12.5 million, or $2.51 a share, in the three months ended March 31, 2023, compared with losses of $4.3 million, or $4.19 a share, in the year-ago period.
“Even if this offering is successful, we will require substantial additional capital to finance our operations in the future,” the company wrote as one of its risk factors.
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