Annexon on deck for IPO

Annexon Biosciences has filed for a preliminary prospectus for $100M IPO, under the proposed ticker ‘ANNX’.

The San Francisco, CA-based company is developing therapies for classical complement-mediated disorders of the body, brain and eye.

The company’s upstream complement approach targeting C1q, acts as an “on/off switch” designed to block all downstream components of the classical complement pathway that lead to excess inflammation, tissue damage and patient disability.

First product candidate, ANX005, is a full-length monoclonal antibody formulated for intravenous administration in autoimmune and neurodegenerative disorders. Second product candidate, ANX007, is an antigen-binding fragment, formulated for intravitreal administration for  neurodegenerative ophthalmic disorders.

Q1 2020 financials: Operating expenses: $12.5M (+104% Y/Y); Net loss: $12.3M (+43%); Proforma cash: $103.1M

https://seekingalpha.com/news/3588508-annexon-on-deck-for-ipo