CAR-T biotech Arcellx Raises $124 Million in IPO

Rare cancer drug developer Arcellx completed an initial public offering despite the present bear market for biotech stocks and with few biotechs aiming to go public.

The company, which is developing CAR-T cell therapies for blood cancers, priced its IPO of 8.25 million shares of common stock at $15.00 per share for gross proceeds of $123.8 million, before deducting underwriting discounts and commissions and other offering expenses.

In addition, Arcellx has granted the underwriters a 30-day option to purchase up to an additional 1.2 million shares of common stock at the initial public offering price, less underwriting discounts and commissions. Arcellx’s common stock will trade on the Nasdaq Global Select Market under the ticker symbol “ACLX.”

Arcellx is focused on developing cell therapies that are safer, more effective, and more broadly accessible. The company’s lead product candidate, CART-ddBCMA, is being developed for the treatment of relapsed or refractory multiple myeloma (r/r MM), a rare blood cancer, in an ongoing phase 1 study. CART-ddBCMA has been granted Fast Track, Orphan Drug, and Regenerative Medicine Advanced Therapy designations by the U.S. Food and Drug Administration.

The company is also advancing a dosable and controllable CAR-T therapy, ARC-SparX, into the clinic through two programs: ACLX-001 in r/r MM and ACLX-002 in relapsed or refractory acute myeloid leukemia.

Author: Rare Daily Staff