San Diego’s Celladon Sets Price Range for IPO Shares
Another San Diego life sciences company is taxiing toward an IPO takeoff.
Celladon, a biotechnology company targeting heart disease, disclosed plans to offer 5 million shares of its stock at a price range of $14 to $16 a share, according to a regulatory filing. At the mid-range price of $15 a share, Celladon would raise about $75 million in gross proceeds from its IPO. At that price, the company’s market value would be about $257 million, according to Renaissance Capital.
The company plans to lists its shares on the Nasdaq market under the ticker symbol CLDN.
Celladon was founded in 2000 and has 14 employees. The company has been on a fast track since early 2012, though, after scientists in Los Angeles said they had used Celladon’s cardiac therapy to regenerate heart muscle in patients who had suffered heart attacks. Shortly afterward, the company raised $43 million to advance the clinical development of Mydicar, its lead drug candidate. The FDA later granted “fast track status” to Mydicar.
More recently, in mid-September, Celladon disclosed “encouraging” follow-up results from a three-year, long-term study of patients treated with Mydicar for advanced heart failure. The company revealed its IPO filing last month.
Celladon is targeting its stem cell and small molecule drug treatments on a family of enzymes that play an integral part in regulating intra-cellular calcium. In its IPO filing, Delladon says calcium dysregulation is a key factor in heart failure, diabetes, and neurodegenerative disease. Mydicar uses gene therapy to target a particular enzyme, called SERCA2a, which becomes deficient in patients with heart failure.