WASHINGTON (dpa-AFX) - Caribou Biosciences Inc. Thursday announced that it has filed for an initial public offering to fund ongoing drug studies.
The Berkeley, California-based company plans to list its shares on the Nasdaq under the symbol 'CRBU.' BofA Securities, Citigroup, and SVB Leerink are listed as the underwriters.
Caribou reported licensing and collaboration revenue of $12.4 million in full year 2020, compared to $5.8 a year ago. The company reported a loss of $34.3 million in 2020, compared $23.4 million in 2019.
'We expect the net proceeds from this offering, together with our existing cash and cash equivalents, will not be sufficient for us to advance any of our product candidates through regulatory approval, and we will need to raise additional capital to complete the development and potential commercialization of any of our product candidates,' the company said in its S-1 filing.
The company said it will use the proceeds to advance the clinical development of its CB-010 product candidate, including funding the ANTLER phase 1 clinical trial through initial data, fund IND-enabling activities and the potential initiation of clinical studies for CB-011 and CB-012 product candidates. The company will also continue research and development of its iPSC-to-NK platform for solid tumor-targeted cell therapies
The company reported cash and cash equivalents of about $16 million at the end of 2020, down from $41.1 million at the end of 2019.
Since its founding in 2011, the company has raised about $150.1 million in funding venture capitals, healthcare-dedicated funds, and other institutional investors.
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