With a goal to raise $86.3 million in an initial public offering, San Diego-based Celladon Corp. has joined the bevy of biotechs aiming to go public this year.
Six have completed the transition to the public markets this year, and two others — Biocept Inc. and Tandem Diabetes Care Inc. have recently filed a prospectus with the U.S. Securities Exchange Commission. There have been about 40 life sciences IPOs around the country this year — meaning that about a quarter have hailed from San Diego alone.
Celladon targets a family of calcium-regulating enzymes using gene therapy that has potential therapeutic uses in heart disease, diabetes and neurodegenerative conditions. Its drug candidate, called Mydicar, is being studied in clinical trials for its efficacy in treating heart failure.
The company was formed in 2000, and has 14 employees. It said in the prospectus that with the funds from an IPO it plans to expand its full-time employee base, as well as hire more consultants and contractors.
The company is still pre-revenue stage, and has an accumulated deficit of about $101 million.
The company has brought in $53 million in financing to date from investors that include the venture funds of Novartis AG, Pfizer Inc. and Johnson & Johnson.
J.P. Morgan and Barclays are the joint book runners on the deal.
— Meghana Keshavan