Pfenex Inc., San Diego, a clinical-stage biotechnology company developing biosimilar therapeutics has closed its previously announced initial public offering of 8,333,333 shares of its common stock at a price to the public of $6.00 per share. The company’s lead product, “PF-582” is a biosimilar of Genentech’s ophthalmic drug Lucentis ranibizumab, which Pfenex cites as reaching sales revenues of $4.3 billion in 2013. The company’s PF-582 biosimilar is currently in a Phase Ib/IIa trial for wet age-related macular degeneration (AMD). Phase III testing is scheduled to start at some point in mid 2015. The company claims to possesses a core technology for recombinant protein expression facilitating the rapid development and production of high quality therapeutics.
US-based biosimilar company targeting Lucentis market announces IPO price
- by swdadmin