Rare Daily Staff
Day One Biopharmaceuticals raised $160 million in an initial public offering to advance its clinical-stage pipeline of targeted therapies for genetically defined cancers.
The company sold 10 million shares of its common stock at a public offering price of $16.00 per share. The shares will trade on the Nasdaq Global Select Market under the ticker symbol “DAWN.” In addition, Day One granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares of common stock at the initial public offering price, less underwriting discounts and commissions.
Day One partners with leading clinical oncologists, families, and scientists to identify, acquire, and develop important emerging cancer treatments, with a special focus on cancer in children. The company’s lead program, DAY101, is designed as a first-in-class, oral, brain-penetrant, highly selective type II pan-RAF kinase inhibitor, which is being studied in the pivotal phase 2 FIREFLY-1 trial in pediatric low-grade glioma (pLGG), which is the most common form of childhood brain cancer and has no approved therapies. In addition, Day One plans to initiate an adult solid tumor study to further evaluate DAY101 in patients with RAF-altered tumors for which there are no currently approved therapies.
DAY101 has been granted Breakthrough Therapy designation by the U.S. Food and Drug Administration (FDA) for the treatment of pediatric patients with low-grade glioma harboring an activating RAF alteration who have progressed after one or more prior systemic therapies. DAY101 has also received Orphan Drug designation from the FDA for the treatment of malignant glioma.
The Company’s pipeline also includes the investigational agent pimasertib, a clinical-stage, oral, highly selective small molecule inhibitor of mitogen-activated protein kinase kinases 1 and 2 (MEK).