Oncorus Finalizes $87 Million U.S. IPO Effort

Sep. 29, 2020 4:01 AM ETOncorus, Inc. (ONCR)

Summary

  • Oncorus has filed to raise $87 million in an IPO.
  • The firm is advancing viral delivered cancer immunotherapies for various solid tumor cancers.
  • ONCR has shown interesting early safety results but we have no efficacy data.
  • The IPO may be more relevant for institutional investors, so I'll pass.
  • Looking for more investing ideas like this one? Get them exclusively at IPO Edge. Get started today »

Quick Take

Oncorus (NASDAQ:ONCR) has filed to raise $87 million in an IPO of its common stock, according to an S-1 registration statement.

The firm is a clinical stage biopharma developing viral therapies targeting the immune system to increase its ability to kill cancer cells.

ONCR has achieved very early safety results with no dose limiting reactions, but we have no indication of efficacy.

The IPO may be more relevant for institutional investors as the firm is still at a ‘venture investing’ stage, so I'll watch it from the sidelines.

Company & Technology

Cambridge, Massachusetts-based Oncorus was founded to develop an oncolytic platform leveraging the Herpes Simplex Virus as a delivery system for a greater number of 'immunostimulatory transgenes' to increase systemic anti-tumor immunity.

Management is headed by president and Chief Executive Officer Mr. Ted Ashburn, M.D., Ph.D, who has been with the firm since October 2018 and was previously Head of Oncology Development at Moderna (MRNA)

Below is a brief overview video of oncolytic virotherapy:

Source: Creative Biolabs

The firm has begun Phase 1 safety trials for its lead candidate, ONCR-177, in patients with different solid tumors, including breast cancer and cutaneous tumors.

Management expects to publish initial data from this trial from 2H 2021 to 2H 2022.

Below is the current status of the company’s drug development pipeline:

Source: Company S-1 Filing

Investors in the firm have invested at least $122 million and include MPM Capital, UBS Oncology Impact Fund, Deerfield Management, Arkin Bio Ventures and Cowen Healthcare Investments.

Market & Competition

According to a 2019 market research report by ResearchAndMarkets, the global market for solid tumor treatment was an estimated $121 billion in 2018 and is expected to reach $424 billion by 2027.

This represents a forecast CAGR (Compound Annual Growth Rate) of 15.0% from 2019 to 2027.

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This article was written by

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