Galera Therapeutics readies IPO

Galera Therapeutics (GRTX) has filed a preliminary prospectus for an $86M IPO.
The Malvern, PA-based biopharmaceutical firm develops therapeutics that, it says, have the potential to transform cancer radiotherapy by virtue of less tissue toxicity and greater efficacy. Specifically, its drugs mimic superoxide dismutase enzymes which protect against the toxicity of radiotherapy-stoked superoxide, a highly reactive molecule that damages/kills cells. Lead candidate is Phase 3-stage GC4419, a small molecule dismutase mimetic for the potential reduction of severe oral mucositis (OM) in patients with head and neck cancer (OM is a common side effect in these patients since they are routinely treated with radiation). Results from a mid-stage study showed a 92% reduction in median duration of OM compared to placebo.
2019 Financials (6 mo.): Operating Expenses: $21.7M (+117%); Net Loss: ($21.9M) (-121%); Cash Burn: ($18.5M) (-71%).