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Biotechnology company Inhibrx plans IPO on Nasdaq

Inhibrx Inc. filed for an IPO of up to $74.8 million of its common stock on the Nasdaq Global Market.

The La Jolla, Calif.-based biotechnology company is planning to list its common stock on the bourse under the ticker INBX.

Inhibrx will also sell its common stock of about $10 million to Italy's Chiesi Farmaceutici SpA at the issue price per share equal to the IPO price in a separate private placement.

The company, which is focused on developing novel biologic therapeutic candidates, plans to use the proceeds from the offerings to complete three phase 1 studies for drugs targeting cancers and rare diseases.

Inhibrx said that INBRX-109 is being evaluated in patients with solid tumors including sarcomas, INBRX-105 is being studied as potential treatment for PD-L1 expressing tumors, while INBRX-101 will be evaluated as a potential treatment for rare respiratory disease alpha-1 antitrypsin deficiency, or AATD.

The company licensed its worldwide rights for INBRX-103 therapeutic candidate to Celgene Corp. and optioned development and commercialization rights for INBRX-101 therapeutic candidate outside of the U.S. and Canada to Chiesi Farmaceutici.

Inhibrx will use the remaining proceeds for research and development activities, as well as for working capital and other general corporate purposes.

Evercore Group LLC, Barclays Capital Inc., Nomura Securities International Inc. and Raymond James & Associates Inc. are listed as underwriters for the IPO.