Company: Sienna Biopharmaceuticals, Inc.
Symbol: SNNA
Description: They are a clinical-stage biopharmaceutical company focused on bringing innovations in biotechnology to the discovery, development and commercialization of first-in-class, targeted, topical products in medical dermatology and aesthetics.
Shares: 4.33 million
Price Range: $14.00-$16.00
Trade Date: 7/27
Underwriter(s): J.P. Morgan, Cowen, BMO Capital Markets
Investor Access: This deal can be accessed via the three main underwriters.
Business: They are a clinical-stage biopharmaceutical company and, as such, have no revenues from any of their product candidates. Their lead candidate from this platform, SNA-120, is a first-in-class inhibitor of TrkA in Phase 2b clinical development for the treatment of pruritus, or itch, associated with psoriasis, as well as for psoriasis itself. Their second Topical by Design product candidate, SNA-125, is a dual JAK3/TrkA inhibitor being developed for the treatment of atopic dermatitis, psoriasis and pruritus. They are completing nonclinical studies with SNA-125 to enable clinical trials in the first half of 2018. Additionally, they have advanced SNA-001, a silver particle treatment derived from their Topical Photoparticle Therapy™ platform, into pivotal clinical trials for both acne vulgaris and the reduction of unwanted light-pigmented hair. There is a significant opportunity to address the historical lack of innovation in topical products for dermatology patients.
Market Opportunity: Prescription medical dermatology products represented an approximately $19 billion global market in 2016, which is projected to grow to over $25 billion by 2020. Prescription drugs indicated for the treatment of psoriasis, atopic dermatitis and acne accounted for approximately 50% of this market, and they believe that the treatment of pruritus, which affects the vast majority of psoriasis and atopic dermatitis patients and a large percentage of patients with other chronic conditions, presents a substantial additional market opportunity. Demand for treatments of dermatologic conditions is driven, in part, by the highly visible nature of skin disease and distressing symptoms the patient experiences, such as itch, burning, or pain, all of which negatively impact quality of life. As new products are developed to address these unmet needs, they believe patients, physicians and payors will prefer the use of effective topical treatments that are suitable for chronic use in the broader patient population. They design and develop their targeted topical products with these criteria in mind, and believe they will play an important role in the treatment of various underserved skin conditions in the future.
Comp / Sector Performance:
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