Upstream Bio, a mid-stage respiratory drug developer, and CAMP4 Therapeutics, a Phase 1 regulatory RNA startup, have unveiled the targeted price ranges for their initial public offerings.
Upstream is marketing 12.5 million shares $UPB between $15 and $17 apiece, and CAMP4 is offering 5 million shares $CAMP at $14 to $16 per share, according to SEC documents filed by the companies on Monday morning. They anticipate $182 million and $66.7 million in net proceeds, respectively.
Their offerings would follow a $198 million IPO from BioAge Labs and three other upsized offerings last month. GPCR biotech Septerna also submitted its cards for a Nasdaq listing last week.
Upstream, which is based in the Boston area, is working on a TSLP receptor antagonist with an experimental medicine from Astellas that it has renamed verekitug. It’s working in a similar therapeutic category as Amgen and AstraZeneca’s Tezspire, as well as Blackstone-backed Uniquity Bio’s solrikitug.
As for clinical plans for verekitug, Upstream expects to spend about $150 million in severe asthma, $40 million in chronic rhinosinusitis with nasal polyps and $80 million in chronic obstructive pulmonary disease. Sanofi and Regeneron’s Dupixent just secured an FDA nod for COPD.
CAMP4 plans to devote $26 million to its lead program, called CMP-CPS-001, in urea cycle disorders in Phase 1, and about $18 million for its CMP-SYNGAP program for SYNGAP1-related disorders that’s in preclinical testing. Another $10 million will go toward its platform and early R&D work.
Since outlining its IPO ambitions last month, the Cambridge, MA-based startup inked a small upfront pact with BioMarin to work on RNA-targeting antisense oligonucleotides. It also has tie-ups with Fulcrum Therapeutics and Eli Lilly.