Atara Biotherapeutics Inc (NASDAQ:ATRA) had filed for IPO with the Securities and Exchange Board in the U.S. to raise $143.75 million. The funds will be used for the manufacturing of PINTA 745 and clinical development. It will spend $43 million for the ongoing clinical trial Phase 2 of the drug.
The company utilizes $25 million for the manufacturing and clinical development of STM434. It will help to study the effectiveness of STM434 in containing solid tumors too. It will spend $72 million for the clinical trials and study of T Cell Products. Atara also has additional five products that target TGF-B. Its other products include ATA 777, ATA842, STM 217, and ATM M43.
Balance funds will be used for the advancement and expansion of the preclinical and clinical pipeline as well as for corporate purposes and as working capital.
It may also use the funds for licenses and acquisitions of technologies and businesses to spur growth.
The company has nominated Canaccord Genuity, SunTrust, JMP Securities, Goldman Sachs, and Citigroup for the IPO.
Atara, a bio pharmaceutical company, is engaged in the development of therapeutics. It mainly focuses on unmet medical needs like oncology, muscle wasting conditions and viral related diseases.
Its product portfolio mainly consists of molecularly targeted allogeneic and biologics and antigen-specific (white blood cells) T Cells. The biologics, which prevents activin and myostatin, helps to maintain the growth of muscles and other body tissues. The PINTA 745, a molecularly targeted product, is undergoing Phase 2 clinical trial to study protein energy wasting conditions. Any progress in this drug will offer a respite for the patients suffering from renal diseases.
The company specializes in products aimed at preventing muscle degeneration in patients with kidney dialysis condition. It is also engaged in developing drugs to prevent ovarian cancer.
Other prominent investors in the company include DAG Ventures, Domain Associates, Kleiner Perkins Caufield & Byers, Alexandria Real Estate Equities, Amgen, and Celgene Corp.
The company will be listed on the NASDAQ with the trading symbol ATRA.