Company: Surface Oncology, Inc.
Symbol: SURF
Description: They are a clinical-stage immuno-oncology company focused on using our specialized knowledge of the biological pathways critical to the immunosuppressive tumor microenvironment, or the TME, for the development of next-generation cancer therapies.
Trade Date: 4/19
Shares: 6 million
Price Range: $13.00-$15.00
Underwriter(s): Goldman Sachs, Cowen, Evercore ISI
Terms Added: 4-9-18
Business: While first-generation immuno-oncology therapies, such as checkpoint inhibitors, are a remarkable therapeutic advancement, they believe most patients do not achieve durable clinical benefit primarily because these therapies focus on only one element of the complex and interconnected immunosuppressive TME. They believe there is a significant opportunity to more broadly engage the body’s immune system in a multi-faceted, coordinated and personalized approach, to meaningfully improve cure rates for patients with a variety of cancers. Their approach is to identify key components within the TME to gain a deep understanding of its biology, leverage this understanding to define optimal therapeutic targets and the patients most likely to benefit and develop novel antibody therapeutics with differentiated biologic activity. By utilizing their specialized knowledge and expertise in immunology, oncology, antibody selection and characterization, and translational research, they have developed a broad pipeline of TME-focused programs that they believe are the next generation of immuno-oncology therapies. In January 2016, they entered into a strategic collaboration with Novartis to leverage their combined expertise and resources to develop novel immunotherapies targeting the TME.
Their lead product candidate, SRF231, targets a protein called cluster of differentiation, or CD, 47. They initiated a Phase 1 clinical trial of SRF231 in February 2018 and expect to report initial clinical results from this trial in the first half of 2019. An Investigational New Drug application, or IND, for their next program, SRF373, which targets CD73, was sponsored and filed by Novartis with the U.S. Food and Drug Administration, or the FDA, in February 2018, and they anticipate SRF373 entering clinical trials in 2018. SRF373 has been exclusively licensed on a worldwide basis to Novartis. The lead product candidates for their CD39 and interleukin 27, or IL-27, programs, SRF617 and SRF388, respectively, are anticipated to begin IND-enabling studies in 2018.
Insider Buying: Certain of their existing principal stockholders, directors and their affiliated entities have indicated an interest in purchasing an aggregate of up to approximately $25.0 million in shares of our common stock in this offering at the initial public offering price per share and on the same terms as the other purchasers in this offering.
Private Placement: Novartis Institutes for Biomedical Research, Inc. has agreed to purchase from us, concurrently with this offering in a private placement, $11.5 million of shares of our common stock at the initial public offering price per share.
Collaborations: In January 2016, they entered into a strategic collaboration with Novartis to leverage our combined expertise and resources to develop novel immunotherapies targeting the TME.
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