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Chemocentryx, Inc. (CCXI) |
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WIKI ANALYSIS
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
ChemoCentryx, Inc. (NASDAQ:CCXI) is a biotechnology company which is developing drugs to help treat Crohn's disease and rheumatoid arthritis. The company's focus has been to target the chemokine system, a system which is known to drive the inflammation process. Using its research platform, Chemocentryx plans to develop future drugs built around targeting the same or similar systems. At the time of its IPO, Chemocentryx did not have any FDA approved drugs.[1]
Business Overview
Chemocentryx was pre-commercially approved drug at the time of its IPO. As a result, its revenues were from collaborative research. In the first nine months of 2011, they reported $5.6M of such revenues and a net loss of $22.8M. The same period in the previous year resulted in $21.7M in revenues and a net loss of $8.2M. [2]
New Updates
The company's initial public offering of stock on the NASDAQ occurred on February 8, 2012. The company offered 4.5M shares each for $10. This was below the $14-$16 initial price range. The deal raised a total of $45M. The lead mangers of the deal were JP Morgan, Citi, and Cowen Group (COWN).[3]
Trends & Forces
Reliance on Large Pharmaceutical Companies
Chemocentryx has entered into strategic agreements with GlaxoSmithKline (GSK). These agreements provide for Chemocentryx to conduct the initial clinical trials of candidate drugs and for GSK to pay for and complete the Phase III as well as the marketing and commercialization. Through this agreement, GSK is given the option to exlusively license Chemocentryx's product. While this agreement passes risks and costs associated with drug development to GSK, it also makes Chemocentryx reliant on GSK's abilities to conduct advanced clinical trials and effectively commercialize a product. [4]
- ↑ CCXI S-1/A 2012 PROSPECTUS SUMMARY "Overview" pg1-3
- ↑ CCXI S-1/A 2012 PROSPECTUS SUMMARY "SUMMARY FINANCIAL DATA" pg. 9
- ↑ Renaissance Capital - IPO Home "ChemoCentryx prices downsized IPO at $10, below the range" 8 Feb 2012
- ↑ CCXI S-1/A 2012 PROSPECTUS SUMMARY "Risk Factors" pg11-13
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