Acrivon Therapeutics, Inc. (ACRV) to Raise $100 Million in IPO

Acrivon Therapeutics, Inc. (ACRV) is planning to raise $100 million in an initial public offering (IPO) on Thursday, November 10th, IPO Scoop reports. The company plans to issue 5,900,000 shares at a price of $16.00-$18.00 per share.

The company has a market cap of $319.8 million.

Morgan Stanley, Jefferies, Cowen and Piper Sandler acted as the underwriters for the IPO.

Acrivon Therapeutics, Inc. provided the following description of their company for its IPO: ”  We are a clinical stage biopharmaceutical company developing precision oncology medicines that we match to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing our proprietary proteomics-based patient responder identification platform. Recently approved targeted oncology treatments, such as kinase inhibitors, have transformed the cancer treatment landscape, and while the therapeutic benefit of these agents has provided significant benefit to patients, these targeted oncology treatments unfortunately only address the less than 10% of patients with cancers that harbor certain easily identifiable genetic mutations. Our approach is designed to overcome the limitations of genomics-based patient selection methods. We do this by using our proprietary precision medicine platform, Acrivon Predictive Precision Proteomics, or AP3, to develop our pipeline of oncology drug candidates. Our AP3 platform enables the creation of drug-specific proprietary OncoSignature companion diagnostics that are used to identify the patients most likely to benefit from our drug candidates, which we refer to as patient responders. We are currently advancing our lead candidate, ACR-368, a selective small molecule inhibitor targeting CHK1 and CHK2 with sub single-digit nM and single-digit nM potency, respectively, in a potentially registrational Phase 2 trial across multiple tumor types, which our AP3 platform predicts will have a high proportion of patient responders based on OncoSignature-predicted sensitivity to ACR-368.  Our ACR-368 OncoSignature test, which has not yet obtained regulatory approval, has been extensively evaluated in preclinical studies, including in two separate, blinded, prospectively-designed studies on pretreatment tumor biopsies collected from patients with ovarian cancer treated with ACR-368 in past Phase 2 clinical trials conducted by Eli Lilly and Company, or Lilly, and at the National Cancer Institute, or NCI, demonstrating robust enrichment of responders through our method.   We have received clearance from the U.S. Food and Drug Administration, or FDA, for an Investigational New Drug, or IND, application to advance ACR-368 in Phase 2 single arm clinical trials conducted under the FDA program known as the master protocol, which was developed to help expedite drug development in multiple tumor types for drugs with an established RP2D within the same overall trial structure. Initially, patients with platinum-resistant ovarian, endometrial or bladder cancer will be treated in this trial.  We also plan to study ACR-368 in additional indications, such as human papilloma virus positive (HPV+), squamous cell carcinomas, including squamous cell cancer of the head and neck (SCCHN), as well as anal and cervical cancer, based on demonstrated clinical single agent activity in SCCHN and anal cancer, and OncoSignature-based prediction of sensitivity to ACR-368 in a proportion of patients.   **Note: Revenue and net loss are for the 12 months that ended June 30, 2022. (Note: Acrivon Therapeutics filed its S-1 on Oct. 17, 2022. Acrivon filed confidential IPO documents on Aug. 12, 2022.) “.

Acrivon Therapeutics, Inc. was founded in 2018 and has 36 employees. The company is located at 480 Arsenal Way, Suite 100 Watertown, Massachusetts 02472 and can be reached via phone at (617) 207-8979 or on the web at http://www.acrivon.com/.

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