Parabilis Medicines files for IPO to fund cancer drug development

Parabilis Medicines, Inc. filed for an initial public offering on Tuesday, seeking to list on the Nasdaq Global Market under the ticker symbol "PBLS," according to the company's prospectus filing.

The clinical-stage biopharmaceutical company plans to offer voting common stock, with an estimated price range not disclosed in the filing. The offering includes underwriters Leerink Partners, BofA Securities, Evercore ISI, Guggenheim Securities, and LifeSci Capital.

Following the offering, Parabilis will maintain two classes of common stock: voting shares being offered and existing non-voting shares. The completion of the IPO depends on meeting Nasdaq Global Market listing standards.

The company develops what it calls Helicons, stabilized helical peptides designed to target proteins previously considered undruggable. Its lead product candidate, zolucatetide, targets the interaction between β-catenin and T-cell factor transcription factors in the Wnt/β-catenin pathway.

According to the prospectus, zolucatetide has been tested in over 150 patients across various solid tumors. In desmoid tumors, the company reported tumor reductions in all patients, with a 74% objective response rate among patients who completed at least two post-baseline scans.

The Wnt/β-catenin pathway regulates cell proliferation and differentiation, and its hyperactivation contributes to cancer development across multiple tumor types. Prior to this offering, no public market existed for Parabilis common stock.

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