Selecta Biosciences raises $70 million in IPO, forges ahead with gout drug
- Massachusetts-based biotech Selecta Biosciences on Wednesday began trading on the Nasdaq stock exchange after raising $70 million through an initial public offering late Tuesday.
- Trading under the ticker "SELB," Selecta shares rose slightly before closing near its IPO price of $14. Selecta had sold 5 million shares in its IPO.
- Selecta is the sixth Massachusetts biotech to go public this year, following some higher-profile names such as the CRISPR companies Editas Medicine and Intellia Therapeutics.
Based in Watertown, MA, Selecta has only been around a little less than 10 years. In December last year, Selecta began dosing for a Phase 1b trial of its lead candidate, a biologic gout treatment known as SEL-212. Results are expected soon and Selecta has planned a Phase 2 trial if data is positive.
A Phase 1a trial showed some efficacy in reducing uric acid levels in patients. However, all participants developed (expected) undesired immune responses, which Selecta hopes will be reduced by the addition of its "synthetic vaccine platform" to pegsiticase.
SEL-212 is intended to control uric acid levels and to mitigate the formation of anti-drug antibodies.
Selecta is backed by Poliris Venture Partners and Flagship Ventures among others, according to the Boston Globe.
Beyond its lead candidate, Selecta's pipeline includes a gene therapy for an autosomal recessive metabolic disorder and a gene therapy for x-linked metabolic disorder. The goal is to file both therapies by 2018.
Selecta's IPO was underwritten by UBS Investment Bank and Stifel Financial Corp.
- Boston Globe Selecta shares trading up after $70m IPO