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Kodiak Sciences plans $100M IPO

Kodiak Sciences Inc. plans to raise up to $100 million in an IPO.

Kodiak, a Palo Alto, Calif.-based biopharmaceutical company that develops drugs to treat eye diseases, filed to list its common shares on the Nasdaq Global Market under the ticker KOD.

The company plans to use proceeds from the flotation for the development of eye drug KSI-301 for treating wet age-related macular degeneration and diabetic retinopathy. The drug is being tested in a phase 1 trial that began in July.

Kodiak reported net losses of $27.9 million in full year 2017. For the six months ended June 30, 2018, the company's losses totaled $16.3 million.

Morgan Stanley, Bank of America Merrill Lynch, Barclays and Chardan serve as underwriters on the transaction.