Ayala Pharmaceuticals on deck for IPO

Ayala Pharmaceuticals (AYLA) has filed a preliminary prospectus for a $50M IPO.

The Rehovet, Israel-based biopharmaceutical outfit develops treatments for rare and aggressive cancers by leveraging its bioinformatics platform and next-gen sequencing. Lead candidate is AL101, a selective injectable small molecule gamma secretase inhibitor (GSI) in-licensed from Bristol-Myers Squibb (NYSE:BMY) in November 2017, in Phase 2 development for certain adenoid cystic carcinoma patients.

Candidate #2 is AL102, an oral GSI also in-licensed from BMY, for the potential treatment of desmoid tumors.

2019 Financials: License revenue: $2.3M; Net loss: ($17.8) (-100%); Cash burn: ($15.0M) (-134%).

https://seekingalpha.com/news/3549519-ayala-pharmaceuticals-on-deck-for-ipo