It’s a new $DAWN for Day One as startup pivots to an IPO for more funding to back its work in pediatric cancer – Endpoints News
Biotechnology for Childhood Cancer Day One Pharmaceuticals heads to Nasdaq, in a move that sparked a nine-figure crossover round less than three months after their work on a brain cancer treatment, backed by some blue-chip investors.
The South San Francisco-based company is pulling in $ 100 million as their initial IPO target, although the final raise is likely to be higher. Tuesday’s filing comes after RA Capital led a $ 130 million B round for the company in February, echoing what CEO Jeremy Bender said at the time: “rapid” progress on their lead program.
When Day One quotes in a few weeks, it will be trading under the ticker $ DAWN.
As the pharmaceutical industry continues to develop and promote cancer treatments, Day One executives claim the mainstream players have put childhood cancer behind them. Adult patients make up a significantly larger share of the market, the company said, and there have been delays in understanding pediatric biology properly.
So Day One’s mission is to close that gap by developing targeted therapies specifically targeting children. Their proposed treatments are entirely new efforts rather than reformulating treatments for adults that have serious side effects, such as radiation therapy and chemotherapy.
Their main program is a former Takeda program called DAY101, an oral pan-RAF inhibitor that can cross the blood-brain barrier and block mutations in gliomas. Day One therefore aims to provide an indication for the treatment of pediatric low-grade gliomas, the most common form of brain tumors in children. The current standard of care is platinum-based chemotherapy, with no other clear favorite, Bender told Endpoints News in February.
The biotech recently launched a Phase II trial for the experimental drug, with the goal of obtaining top-line results in the first half of 2022. Day one plans to enroll 60 patients eventually for the one-arm, open-label study and hopes it can form the basis for an approval package.
Within its S-1, Day One plans to direct its money not only to this Phase II trial, but also to launch a new Phase III trial next year for the first-line treatment of pediatric low-grade gliomas. The objectives also include a phase II study for RAF-altered solid tumors in patients older than 12, as well as a phase Ib / II study combining DAY101 with Merck KgGA’s MEK inhibitor pimasertib to treat adult MAPK-altered solid tumors.
Biotech IPOs continue to grow as 2021 marches forward, with more than 50 companies submitting or pricing their IPOs so far this year. For the full year, the combined biotech raise is approaching $ 6.5 billion and is expected to reach nearly $ 7 billion later this week when four more companies make their Nasdaq debuts.