Credit: Shutterstock photoKolltan Pharmaceuticals, an early-stage biotech developing antibodies to treat solid tumors, withdrew its plans for an initial public offering on Wednesday. The company originally filed for an $86 million IPO in September 2014.
Kolltan is in Phase 1 trials for antibody-based drugs that target receptor tyrosine kinases (RTKs). It licenses IP from MedImmune, which has the option to receive future payments based on the value of Kolltan's lead drug candidate. Kolltan is also in preclinical development of certain inflammatory diseases and other cancers.
Primary shareholders include Fidelity Investments, KLP Enterprises, Gilead Sciences ( GILD ), Auven Therapeutics and co-founders Joseph Schlessinger and Arthur Altschul.
The New Haven, CT-based company was founded in 2007, had planned to list on the NASDAQ under the symbol KLTN. Leerink Partners and Stifel were set to be the joint bookrunners on the deal.
The article Cancer biotech Kolltan Pharmaceuticals withdraws $86 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
