Drugmaker Turning Point Therapeutics — taking aim at drug-resistant cancers — recently filed paperwork calling for a $100 million initial public offering.
The San Diego company’s lead drug candidate, repotrectinib, is undergoing a phase 1/2 clinical trial, with plans for a phase 2 trial in the second half of the year.
Turning Point’s platform claims to tackle enzyme mutations that can hinder cancer treatments.
The company’s drugs “may address the key issues of emerging treatment resistance and toxicities that limit duration of treatment. Our platform allows us to rapidly identify new drug candidates for development,” stated the company in paperwork filed with the U.S. Securities and Exchange Commission.
IPO proceeds would also fund preclinical programs.
Last October, Turning raised $80 million, and at the same time named Athena Countouriotis as CEO. The company, founded in 2012 as TP Therapeutics by Jean Cui and her husband Y. Peter Li, changed its name in November to Turning Point Therapeutics.
Cui, now the company’s chairman and chief scientific officer, was the lead inventor of top-selling Pfizer cancer drug xalkori.
In 2015, Cui told the San Diego Business Journal that the team is endeavoring toward a drug that works even better than xalkori.
“I saw problems with xalkori and other drugs available for this type of cancer, and I knew that someone needed to work on these problems so that we could provide better medicines for patients,” she said.