St. Louis-based Sequoia Vaccines, a clinical-stage company developing a vaccine for recurrent urinary tract infections (UTIs) and small molecules for treating cancers and bacterial infections, has confidentially filed an Initial Public Offering (IPO) with the Securities and Exchange Commission (SEC) on August 24, 2023. The company aims to raise $20 million through the IPO, although the details regarding share count and pricing remain undisclosed.
The firm's lead product, SEQ-400, works by generating antibodies that inhibit bacterial attachment to human bladders, targeting recurrent UTIs. This follows the successful completion of a Phase 1 study involving healthy individuals and women with recurrent UTIs. Sequoia Vaccines now plans to conduct a Phase 2 efficacy trial in 2024.
Despite having no commercialized products, which led to no revenue and a loss of $4.19 million or 34 cents per share in 2022, the company is optimistic about its future prospects. Proceeds from the IPO will be used to fund the upcoming Phase 2 UTI vaccine trial, move preclinical candidates to human trials, and serve as working capital.
ThinkEquity is serving as the sole bookrunner for the IPO. Upon successful completion of the IPO process, Sequoia Vaccines plans to list on NYSE American under the ticker symbol SQVI.
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