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Cancer drug developer Revolution Medicines plans $100M IPO


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Cancer drug developer Revolution Medicines plans $100M IPO

Revolution Medicines Inc. is planning an IPO of up to $100 million of its common stock on the Nasdaq Global Market.

The Redwood City, Calif.-based pharmaceutical company develops medicines for cancer patients by translating frontier oncology targets — proteins that drive the growth of cancers or that control immune responses that can defeat them.

Revolution Medicines plans to list on the Nasdaq Global Market under the ticker symbol RVMD.

The company — led by director, President and CEO Mark Goldsmith — plans to use the net proceeds from the IPO to fund various studies and the development of its potential drug candidates. A part of the proceeds might also be used for hiring additional personnel, capital expenditures and the cost of operating as a public company.

Revolution's RMC-4630 is being evaluated in an early-stage monotherapy clinical study for the treatment of a range of tumor types.

Asset management companies Third Rock Ventures LLC and The Column Group LLC own 28.8% and an 18.6% stake in the company, respectively.

J.P. Morgan Securities LLC, Cowen and Co. LLC, SVB Leerink LLC and Guggenheim Securities LLC are serving as the book-running managers for the offering.