Rare Diseases: Xenon Pharmaceuticals IPO
Xenon Pharmaceuticals is a clinical-stage biotechnology company founded in 1996 and is located in Burnaby, British Columbia, Canada. Xenon Pharmaceuticals files form S-1, on September 10th with the U.S. Securities and Exchange Commission (SEC), to raise up to approximately $52 million, in an Initial Public Offering (IPO). The company plans to list on the NASDAQ under the symbol “XENE”. Initially the company files confidentially in August 2013. Jefferies and Wells Fargo Securities are the joint bookrunners. Xenon Pharmaceuticals has several collaborations and licensing agreements for preclinical research with the following pharmaceutical companies:
The company has a gene therapy discovery platform for rare diseases, Extreme Genetics, that studies:
“ … families who display inherited severe traits, or phenotypes. By identifying and characterizing single-gene defects responsible for these phenotypes, we can generate genetic insights into human disease biology and select targets for therapeutic intervention.”
The Extreme Genetics platform is used to develop uniQure’s Glybera treatment for the rare disease Lipoprotein Lipase Deficiency (LPLD). Glybera is the first gene therapy approved in October 2012 in the European Union (EU). Glybera has orphan drug designation in both the U.S. and the EU. Xenon Pharmaceuticals is eligible to receive royalties on the net sales of Glybera.
Teva is in Phase II trials for a gene therapy Xenon Pharmaceuticals discovered for the treatment of osteoarthritis. Also, Xenon Pharmaceuticals has preclinical therapies for rare disease Dravet Syndrome.
Use Of Net Proceeds From IPO
• Preclinical and early clinical development of Dravet Syndrome and XEN801 (acne treatment) programs
• Fund genetic research and drug discovery activities using the company’s Extreme Genetics discovery platform
• Working capital and general corporate purposes.
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