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Cancer drug developer Black Diamond plans to raise $100M via Nasdaq IPO


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Cancer drug developer Black Diamond plans to raise $100M via Nasdaq IPO

Cancer drug developer Black Diamond Therapeutics Inc. seeks to raise about $100 million in gross proceeds with an IPO of its common stock on the Nasdaq Global Market.

Black Diamond is a precision oncology medicine company focusing on the discovery and development of small molecule, tumor-agnostic therapies. It is targeting undrugged mutations in patients with genetically-defined cancers.

The company has applied to list its shares on the exchange under the ticker symbol BDTX.

Black Diamond — led by president and CEO David Epstein — plans to use a majority of the net proceeds from the offering to fund clinical studies, drug discovery and drug development.

This includes the initiation of the phase 1/2 study of its experimental drug, BDTX-189, aimed to treat certain genetic mutations. The study is expected to start in the first half of the year. The company has also submitted an investigational new drug application with the U.S. Food and Drug Administration for the medicine.

Part of the proceeds will also be used for hiring additional personnel, for capital expenditures and other miscellaneous costs.

The Stony Brook, N.Y.-based biotechnology company, previously known as Aset Therapeutics, develops and markets precision medicine for cancer.

Currently, Versant Venture Capital has a 42.09% stake and New Enterprise Associates has an 11.16% stake in the company.

J.P. Morgan Securities LLC, Jefferies LLC and Cowen and Co. LLC are serving as joint book-running managers of the offering and as representatives of the underwriters.