ProNAi Therapeutics (DNAI) IPO Opens Up 69%

July 16, 2015 11:00 AM EDT
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Price: $1.56 --0%

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Today's IPO for ProNAi Therapeutics, Inc. (Nasdaq: DNAI) opened for trading at $28.68 after pricing of its initial public offering of 8,100,000 shares of its common stock at a price to the public of $17.00 per share

Jefferies LLC and BofA Merrill Lynch are acting as joint book-running managers for the offering. BofA Merrill Lynch is also serving as ProNAi's Strategic IPO Advisor. Wedbush PacGrow and SunTrust Robinson Humphrey are acting as co-managers.

ProNAi Therapeutics is a clinical-stage oncology company pioneering a novel class of therapeutics based on our proprietary DNA interference (DNAi) technology platform. The company said, "Our vision is to be the leader in developing and commercializing a portfolio of DNAi-based therapies to deliver extraordinary therapeutic outcomes that dramatically change patients’ lives. The core of our scientific expertise is our understanding of DNAi oligonucleotides, which are rationally designed DNA sequences that modulate the transcription of oncogenes known to be involved in cancer cell survival and proliferation. Our lead DNAi product candidate, PNT2258, targets BCL2, a widely overexpressed oncogene that is an important gatekeeper of the programmed cell death process known as apoptosis and has been linked to many forms of cancer. In a recent single-agent Phase 2 trial of 13 patients with relapsed or refractory non-Hodgkin’s lymphoma (NHL), PNT2258 demonstrated evidence of anti-tumor activity, with 11 patients achieving a complete response (CR), partial response (PR) or stable disease (SD). Furthermore, all four of the diffuse large B-cell lymphoma (DLBCL) patients treated in this trial experienced a clinical response, including three CRs and one PR, with reported durations on study in the range of nine to more than 20 months. Although PNT2258 is in early stages of development and these trials were not statistically powered for a formal efficacy analysis, we believe the preliminary evidence of efficacy observed in this trial, coupled with safety and tolerability data collected to date, suggest that PNT2258 has the potential to change treatment paradigms across a wide range of oncology indications. Accordingly, we plan to pursue a broad registration-oriented clinical development program, initially in hematologic malignancies, that we anticipate will provide the foundation of a global registration strategy for PNT2258."

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