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Galera Therapeutics files for $86.3M IPO on Nasdaq

Galera Therapeutics Inc. filed for an IPO of its common shares to raise up to $86.3 million in gross proceeds.

The company applied to list its shares on the Nasdaq Global Market under the GRTX symbol.

The Malvern, Pa.-based company is developing a pipeline of therapeutics intended to reduce the normal tissue toxicity of radiotherapy, while increasing its anti-cancer efficacy.

Net proceeds from the IPO will be partly used to further develop Galera's lead product candidate GC4419, a potential therapy for reducing severe oral mucositis, a side effect of radiotherapy in patients with head and neck cancer.

A portion of the proceeds will also be used to develop GC4419 as a therapy to reduce the incidence of radiotherapy-induced esophagitis, or inflammation of the esophagus, in a planned phase 2a trial.

The company will also fund the clinical advancement of GC4711, an investigational drug for patients with non-small cell lung cancer undergoing stereotactic body radiation therapy, which delivers very intense doses of radiation to cancer cells while minimizing damage to healthy tissue.

The rest of the proceeds will be used for new and ongoing research and development activities for the company's other drug candidates, as well as for working capital and other corporate purposes.

Bank of America Merrill Lynch, Citigroup, Credit Suisse and BTIG are underwriters of the offering.