Cidara Therapeutics filed for an initial public offering (IPO) with the Securities and Exchange Commission (SEC) on Friday aiming to raise $69 million and be traded on the NASDAQ under the symbol CDTX.
The S-1 filing the biotech firm submitted breaks down what the new funds would be used for:
First, roughly $25 million will be spent on advancing the clinical development of lead candidate CD101 IV and its counterpart CD101 Topical, two drugs for treating fungal infections, which Cidara specializes in.
Another $15 million will be allocated towards bolstering the preclinical and clinical trial programs for drugs made through Cidara’s immunotherapy platform called Cloudbreak.
Cloudbreak works by manufacturing compounds “designed to direct a patient’s immune cells to attack and eliminate pathogens that cause infectious disease,” according to the filing’s prospectus summary.
The remainder of the capital is intended for R&D efforts regarding the expansion of the Cloudbreak tool into other disease areas as well as other matters such as “general operating expenses.”
Fiercebiotech’s John Carroll reports that “the experience of the executive team,” specifically mentioning CEO Jeff Stein, may have been one of the contributing factors to the company’s plan to quickly try and join the public markets despite being only two years old.
The target date for fundraising begins at the end of the month. You can read the rest of the filing here.
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Filed Under: Drug Discovery