Anchiano Therapeutics Ltd. ANCN $14.55-$14.55 2.4 million ADSs Underwriters: Oppenheimer & Co. Co-Managers: Ladenburg Thalmann Proposed trade date of 2/12 They are a clinical-stage biotechnology company committed to engineering a targeted gene therapy to improve the standard treatment for early-stage bladder cancer, which is one of the most prevalent forms of cancer. Their ordinary shares are listed on the Tel Aviv Stock Exchange Ltd., or the TASE, under the symbol "ANCN".

Not a full write-up because of smaller amount of cash raise of this offering

Anchiano Therapeutics Ltd. ANCN

• 2,400,000 ADSs to be offered at $14.55 per ADS
• Underwriters: Oppenheimer & Co Co-Managers: Ladenburg Thalmann
• Proposed trade date of
• Rating = 2

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https://www.sec.gov/Archives/edgar/data/1534248/000114420419003866/tv510561-f1a.htm

They are a clinical-stage biotechnology company committed to engineering a targeted gene therapy to improve the standard treatment for early-stage bladder cancer, which is one of the most prevalent forms of cancer. They have discovered and are developing a biologic agent called inodiftagene vixteplasmid, or inodiftagene, that they believe can deliver a new treatment to patients who have options that are limited in efficacy and problematic in toxicity. Bladder cancer is a disease that typically causes symptoms early in its course and consequently presents the patient and the treating physician with an opportunity to gain control of the malignancy. However, the limitations of existing therapies, developed in the 1970s, often result in a prolonged series of unsuccessful treatments that can end in the radical removal of the bladder.

Their lead product candidate, inodiftagene, is a recombinant DNA construct that will be administered to patients whose therapy for early stage bladder cancer has failed: this is gene therapy for bladder cancer. Preclinical studies and clinical trials completed so far have demonstrated that their product candidate can deliver a lethal gene specifically to bladder cancer cells in a patient’s bladder. Based on their Phase 1 and Phase 2 clinical trial results, they believe their product candidate, inodiftagene, has the potential to improve patient outcomes substantially by delaying or in some cases eliminating disease progression, and consequently may significantly improve patients’ quality of life. Their lead product candidate, inodiftagene, is a biological agent designed and formulated to deliver a toxic gene to bladder cells in a manner that results in the gene’s being active only in the bladder tumor with consequent killing of only the malignant cells. The engineered gene has been compounded with an agent that enhances and optimizes the efficiency of its delivery to tissue. In experiments, they have demonstrated the uptake of inodiftagene by 85% of target cells after a single exposure.

They have tested inodiftagene in six clinical trials, three of which involved NMIBC patients, and they have observed substantial anti-tumor activity. The data from the three NMIBC Phase 1/2 and Phase 2 trials demonstrate that inodiftagene causes complete responses in 33% of bladder cancer patients with unresected measurable tumors; that one-year and two-year recurrence-free survivals are 46% and 33%, respectively; and that they can administer inodiftagene with BCG, the standard of care for NMIBC, with recurrence-free outcomes of 95% and 78% at three and six months, respectively. Based on market data, including a commissioned independent research study, they believe the potential market for inodiftagene, should it achieve regulatory approval for both indications in the United States, the European Union and Japan, is over $1.5 billion. Although their primary focus is the treatment of NMIBC, they also intend to explore other solid tumor indications, including ovarian cancer with malignant ascites, in which inodiftagene has already been demonstrated to be capable of inducing complete response.

Certain of their existing shareholders and/or certain of their affiliates have indicated an interest in purchasing up to an aggregate of $17.5 million of the ADSs in this offering at the initial public offering price. Such indications of interest are not binding agreements to purchase, and these shareholders and/or their affiliates may determine to purchase fewer ADSs than they indicate interest in purchasing, or none at all. In addition, the underwriters could determine to sell fewer ADSs to these shareholders and/or their affiliates than they have indicated an interest in purchasing, or none at all. The underwriting discount for the ADSs sold to such shareholders in this offering will be the same as the underwriting discount for ADSs sold to the public. Rating = 2