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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 |
Endocyte (NASDAQ:ECYT) is a biopharmaceutical company which is developing treatments for cancer and inflammatory diseases. The company develops small molecule drug conjugates (SMDC) to target the diseased cells. This consists of using certain key molecules to carry the drug into the diseased cell. The molecules target only the diseased cells, which allows the patients to take a higher dosage of the drug without danger of hurting the healthy cells. The company is still in development phases and so has not had any of its drugs approved by the Food and Drug Administration (FDA).[1]
While the company has yet to submit any of its drugs to the FDA, it does have several which are fairly advanced in the development process. Two of the drugs have completed Phase 2 and are expected to move into Phase 3. Two other drugs have also entered or are in the process of doing Phase 2. After Phase 3, drugs are submitted to the FDA for approval.[2]
The company's initial public offering of stock on the NASDAQ occurred on February 3, 2011. The company offered 12.5M shares each for $6. The company had originally planned to sell 5.35M shares within the range of $13-$15. However, the company increased the deal size and decreased the share price. The original deal would have been worth $64.2M at the center of the range, but the offering ended up being worth $75M due to the revision. The lead underwriters of the deal were RBC Capital Markets and Leerink Swann.[3]
Because Endocyte does not have any approved drugs, the company has been unable to produce any commercial revenue. As a result, the company reported a net loss of the full year 2009 of $17M. Durgin the first 9 months of 2010, the company's net loss was $16.7M. As would be expected, the bulk of this net loss is caused by the high Research & Development expenses. For 2009, the company spent $14.8M on research and development.[4]
References
- ↑ ECYT 2011 S-1/A SUMMARY "Overview" pg 1
- ↑ ECYT 2011 S-1/A SUMMARY "Technology Platform and Product Pipeline" pg 2
- ↑ Renaissance Capital - IPO Home "With much delay, cancer drug developer Endocyte opens for trading" 2 Feb 2011
- ↑ ECYT 2011 S-1/A SUMMARY "Overview" pg 1
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