The IPOX® Watch: Prometheus Biosciences
Company Description
Prometheus Biosciences is a biotechnology company from San Diego, California. The company was initially founded in 2016 as Precision IBD and is based on research by Cedars Sinai Medical Center inflammatory bowel disease (IBD) specialist Dr. Stephan Targan. The company focuses on treatments for autoimmune diseases.
Area of Research
The company research focuses primarily on monoclonal antibody (mAb) therapies, for which they have two main programs. PRA023 is currently in Phase 2 clinical trials for the treatment of Ulcerative Colitis, Crohn's Disease and Lung Sclerosis. Their second-most advanced program, PRA052 is about to go into Phase 1 clinical trial in Q4 2022 and focuses on Ulcerative Colitis. Both drugs aim to block natural compounds associated with inflammation. Furthermore, the firm aims to leverage a database of samples from 20,000 patients (Prometheus360) to identify novel therapeutic targets for a precision medicine approach.
IPO History
On 03/12/2021, Prometheus Biosciences began trading on the Nasdaq Global Market under the ticker RXDX US. The IPO was managed by SVB Leerlink, Credit Suisse, Guggenheim and Stifel. The company raised $218.50m, offering 10 million shares at $19/share. The shares opened at $24.95 and closed at $25.29 on the first day (▲33.11%).
Prometheus Biosciences was included in the IPOX® 100 U.S. Index (ETF: FPX US, FPX LN) on 09/19/2022 and currently weighs ca. 0.12% of the portfolio.
