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A clinical-stage immunology company targeting infectious diseases is planning a public listing this week.
The IPO Terms
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San Francisco, California-based Vir Biotechnology, Inc. is seeking to offer 7.143 million shares in an IPO, with the shares expected to be priced between $20 and $22 apiece, the S-1/A filing revealed.
At the midpoint of the estimated price range, the offering is expected to raise about $150 million.
The company has applied for listing its shares on the Nasdaq under the ticker symbol "VIR."
Goldman Sachs, JP Morgan, Cowen and Barclays are the underwriters for the offering.
The Company
Vir, founded in 2016, is a clinical-stage immunology company, which used a combination of immunologic insights and cutting-edge technology to treat and prevent serious infectious diseases.
Infectious diseases cause hundreds of billions of dollars of economic burden each year, according to the company.
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Vir has four technology platforms, focused on antibodies, T cells, innate immunity and small interfering ribonucleic acid or siRNA.
Its product pipeline consists of candidates targeting hepatitis B virus, influenza A, HIV, and tuberculosis.
Source: S-1 filing
Vir expects to use the net proceeds from the offering to fund R&D of its product candidates, including VIR-2218, VIR-3434, VIR-2482.
The Finances
Vir reported revenues of $10.67 million, comprising grant and contract revenues, for fiscal year 2018 compared to $2.71 million a year ago. The net loss, however, widened from $69.85 million in 2017 to $115.88 million in 2018.
For the six months ended June 30, revenues were $5.71 million compared to $4.66 million in the same period last year. The loss for the half-year period widened $56.04 million to $62.60 million.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.