Clinical-stage biopharmaceutical company Apellis Pharmaceuticals has filed plans with the Security and Exchange Commission to raise up to $150 million in an initial public offering.
The company, based in Crestwood, Ky., plans to list on the Nasdaq market under the symbol APLS. No pricing terms were disclosed. The company is currently in a quiet period because of the filing and had no comment.
Apellis, founded in 2009, is developing a novel protein inhibitor for autoimmune and inflammatory diseases. In its filing, the company said, “We believe that our lead product candidate, APL-2, has the potential to be a best-in-class treatment that may address the limitations of existing treatment options or provide a treatment option where there currently is none.”
In August, the company announced that APL-2 met its primary endpoint in a Phase 2 study in patients with geographic atrophy, an advanced form of age-related macular degeneration.
“We are very excited about the results of this study,” Dr. Cedric Francois, founder and chief executive of Apellis, said in the release. “In addition to demonstrating a statistically significant slowing of disease over 12 months, APL-2’s effect appears to increase in the second six months of the study, slowing down the rate of degeneration by almost half. We plan to move forward with Phase 3 studies as soon as possible.”
Apellis last filed for an IPO in 2015, hoping to raise $86 million, but pulled out in February 2016, according to Fierce Biotech, which reported that Apellis raised $47 million in venture cash instead.
Insider reported in August that Apellis had secured $60 million in Series E financing to help it with clinical trials of a drug that treats a rare, chronic, life-threatening blood disorder.
As of June 30, 2017, the company said in its filing that it had cash and cash equivalents of $4.9 million.