Amid favorable market conditions for the life sciences industry, another San Diego biotech has filed to go public. We have details, along with other local developments over the past week.
—San Diego’s Fate Therapeutics revealed plans to raise as much as $69 million through an IPO. Fate Therapeutics, founded to develop stem cell technology, is in mid-stage trials of a it calls ProHema to improve the success of bone marrow transplants, which are often performed on cancer patients whose own bone marrow stem cells have been destroyed by chemotherapy for blood cancers like leukemia and lymphoma.
— Another San Diego life sciences company, Sophiris Bio, remains on track for its IPO after completing a 52-1 consolidation of its common shares traded on the Toronto Stock Exchange. Sophiris has been developing a treatment for benign prostatic hyperplasia, or enlargement of the prostate.
—San Diego’s Vical (NASDAQ: VICL) terminated work on its lead drug candidate, a treatment for cancer, after a late-stage trial failed to show that Allovectin was significantly better than chemotherapy. Vical’s stock has been trading around $1.50 a share, after losing $2 a share (about 57 percent) on the news. Vical was developing Allovectin to treat advanced melanoma, the deadliest form of skin cancer. In a statement, Vical CEO Vijay Samant said the company would refocus its resources on its infectious disease vaccine programs.