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Cancer drug developer Harpoon Therapeutics plans IPO to raise up to $86.3M

Harpoon Therapeutics Inc. is planning an IPO of its common shares to raise up to $86.3 million.

The South San Francisco-based biotechnology company has applied to list its shares on the Nasdaq Global Select Market under the symbol HARP.

London-based healthcare-focused venture capital firm Arix Bioscience PLC owns a minority stake in Harpoon. Arix's investment director Mark Chin is also a board member at Harpoon.

Harpoon plans to use the net proceeds to develop its lead product candidate HPN424, which is evaluated in a phase 1 trial to treat castration-resistant prostate cancer, or CRPC, that has spread to other parts. CRPC is a type of cancer that keeps growing even when the amount of testosterone, which is required by prostate cancer to grow, is reduced to very low levels in the body by a therapy called androgen deprivation.

The funds will also be used to develop HPN536 for treating ovarian cancer and other solid tumors; to develop HPN217 to treat multiple myeloma, a cancer that forms in a type of white blood cell called plasma cell; to develop other products candidates and for general corporate purposes.

Citigroup Global Markets Inc. and Leerink Partners LLC are acting as joint book-running managers while Canaccord Genuity LLC and Wedbush Securities Inc. are acting as co-managers for the IPO.