C4 Therapeutics Proposes $150 Million IPO Terms

Sep. 29, 2020 7:05 AM ETC4 Therapeutics, Inc. (CCCC)

Summary

  • C4 Therapeutics has filed to raise $150 million in an IPO.
  • The firm is developing protein degrading drugs for cancers and neurodegenerative diseases.
  • CCCC has very promising technologies as evidenced by its many collaboration programs, but the firm is still at an ultra early stage of development.
  • The IPO may be more suited to long-term hold institutional investors.
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Quick Take

C4 Therapeutics (NASDAQ:CCCC) has filed to raise $150 million in an IPO of its common stock, according to a S-1 registration statement.

The firm is a preclinical stage biopharma developing cancer and neurodegenerative treatments by creating the ability to destroy disease-causing proteins.

CCCC has created several impressive collaborations, so it appears to be creating a proprietary platform with significant promise.

However, the company is still at a preclinical development stage, so the IPO is likely more suited to long-term hold institutional investors. I'll watch it from the sidelines.

Company & Technology

Watertown, Massachusetts-based C4 was founded to develop its TORPEDO platform which synthesizes small molecule protein degraders delivered via oral administration for the treatment of blood and other cancers.

Management is headed by president and CEO (as of registration effectiveness date) Mr. Andrew Hirsch, who has been with the firm since September 2020 and is currently a board member of Editas Medicine, a genetic biopharma firm, and was previously CFO at Agios Pharmaceuticals.

Below is a brief overview video of small molecule degraders being developed by Sanofi:

Source: Sanofi

The company's lead candidate, CFT7455, is being developed to target multiple myeloma, peripheral T-cell lymphoma and mantle cell lymphoma. The candidate is still in preclinical development and management is expected to submit an IND (Investigational New Drug) application to the US FDA in Q4 2020 and begin Phase 1 trials in 1H 2021.

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 $251 million and include Cobro Ventures, Perceptive Advisors, Cormorant Funds and RTW.

Market & Competition

According to a 2020 market research report, the global market for multiple myeloma treatments was valued at $19.5 billion in 2018 and is expected to reach an estimated $31 billion

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