Cidara plans IPO to fund antifungal pipeline
This article was originally published in Scrip
Executive Summary
Cidara Therapeutics, a San Diego firm focused on developing novel antifungals, both standard small molecules and bispecific molecules based on its immunotherapy technology platform, has filed a prospectus with the SEC for an initial public offering on Nasdaq of up to $69m, with net proceeds of up to $61.4m including full exercise of an over-allotment option. The firm, whose CEO Jeffrey Stein was formerly CEO of Cubist acquisition Trius Therapeutics, will invest the money into clinical development of the intravenous and topical forms of CD101 in candidemia/invasive candidiasis and acute and recurrent vulvovaginal candidiasis, respectively, through to the completion of Phase II trials, and the initiation of a pivotal Phase III trial of the topical product. It will also invest in the preclinical and early clinical studies of candidates from its Cloudbreak immunotherapy platform, and to expand that platform to other areas of infectious disease. Cidara recently closed a $42m series B fundraising.