Dallas—Peloton Therapeutics, developer of small molecule drugs to treat kidney cancer and other diseases, has filed for an initial public offering to fund late-stage clinical trials.
The Dallas-based biotech, founded in 2010, plans to raise up to $115 million from the IPO, according to its filing with the US Securities and Exchange Commission. Peloton has applied for a listing on the Nasdaq under the stock symbol “PLTX.”
Peloton has been focused on targeting hypoxia-inducible factor-2a, or HIF-2a, in renal cell carcinoma, the most common type of kidney cancer. This protein regulates the body’s response to diminished oxygen. But in some cases, this mechanism can be hijacked to drive disease, including kidney cancer.
In the filing, Peloton also said that the company sees potential applications for its lead drug candidate, PT2977, in von Hippel-Lindau (VHL) disease and glioblastoma multiforme, among other diseases.
In the filing, Peloton states that it plans to use the money gained through the IPO for further development of PT2977, including the enrollment of patients and preliminary results in a Phase 3 clinical trial, and complete an ongoing Phase 2 trial of PT2977 in patients with VHL disease. In addition, the biotech plans to use the proceeds to complete a planned Phase 1 trial and initiate a phase 2 trial for PT2567 in non-oncology applications such as treating pulmonary arterial hypertension.
Peleton notes in the filing that the capital from the planned IPO is unlikely to be enough to fund its drug candidates through regulatory approval, and that the company would likely need to raise additional investment.
Earlier this month, Peloton reported that it has completed patient enrollment in a Phase 2 clinical trial to evaluate the efficacy and safety of PT2977 in treating VHL-associated renal cell carcinoma (RCC.) Sixty-one patients are enrolled in clinical trial centers in the US and Europe, with preliminary results expected in the first half of 2020, Peloton said.
In total, Peloton has raised $304 million, including a $150 million Series E funding round in February. The largest shareholder is The Column Group with 19.6 percent, followed by Remeditex Ventures with 14.7 percent, and Topspin Partners with 11.3 percent, according to the filing