IPO Alert: BioAtla (BCAB)

San Diego, California-headquartered BioAtla, global clinical-stage biotechnology company with operations in Beijing, China, is slated to go public on the Nasdaq Global Market on December 16, under the ticker symbol “BCAB”.

The company, which is focused on developing a novel class of highly specific and selective antibody-based therapeutics, known as conditionally active biologics, or CABs, for the treatment of solid tumor cancers, has offered to sell 10.5 million shares of its common stock in the IPO at a price of $18 each. The underwriters have a 30-day option to purchase up to 1.58 million additional shares of common stock.

The offering, which is scheduled to close on December 18, 2020, is expected to record gross proceeds of roughly $189.0 million.

Underwriters of the IPO:

J.P. Morgan, Jefferies and Credit Suisse.

Pipeline and Near-term Catalysts:

The company has two product candidates in clinical development – BA3011 and BA3021.

— BA3011 is under a phase II clinical trial in soft tissue and bone sarcoma. This compound is also being tested in a phase II clinical trial in PD-1 refractory Non-small cell lung cancer (NSCLC) patients.

Interim analysis of both the phase II trials of BA3011 in soft tissue and bone sarcoma and NSCLC is expected in 2021.

A multi-center investigator-initiated trial of BA3011in platinum-resistant ovarian cancer is anticipated to commence by the end of 2020 or early 2021.

— The second product candidate BA3021 is under a phase II study in patients with PD-1 refractory melanoma and NSCLC, with interim analysis anticipated in the second half of 2021.

A multi-center investigator-initiated trial of BA3021 in platinum-resistant ovarian cancer is slated to commence by the end of 2020 or early 2021.

— The third product candidate, BA3071, which is being developed by partner BeiGene, in combination with an anti-PD-1 inhibitor, for solid tumors has completed pre-clinical testing. A phase I dose-escalation trial of BA3071 as monotherapy and in combination with Tislelizumab, an anti-PD-1 antibody in late stage development by BeiGene, is expected to be initiated by the end of 2020 or early 2021.

— Additionally, the company has two CAB bispecific antibody product candidates in investigational new drug, or IND enabling studies, with multiple US INDs expected to be submitted in the second half of 2021 or sometime in 2022.

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