West Coast Biotech Roundup: MappBio, Juno, Zosano, and More

8/7/14Follow @bvbigelow

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$54 million in sales for the 12 months ended March 31.

—Ernest and Eveyln Rady, who rank among San Diego’s most-prominent philanthropists, are donating $120 million to the children’s hospital that already bears their name to sequence and analyze the genome of every pediatric patient admitted there. Rady Children’s Hospital-San Diego said their gift, the largest ever made to the Rady Children’s Hospital Foundation, will help to establish the Rady Pediatric Genomics and Systems Medicine Institute. The Radys previously donated $60 million to the same hospital.

—San Diego-based Otonomy, a late-stage biotech developing new drug treatments for ear diseases, set the price range of its IPO on Friday at $14 to $16 a share. The company plans to trade on the NASDAQ under the symbol OTIC. At the midpoint of the proposed range, Otonomy would raise almost $80 million in gross proceeds and have a market valuation of $315 million. Otonomy is hoping to fare better than Zug, Switzerland-based rival Auris Medical (NASDAQ: EARS), which had to boost its share count and cut its price to complete its IPO this week. Auris raised $56 million by pricing 9.4 million shares at $6 apiece, well below the 6.9 million shares it had hoped to sell at between $10 and $12 apiece. Those revised numbers left Auris, which is also developing treatments for tinnitus and other inner ear disorders, with 26 percent less in gross proceeds than it had anticipated.

TesoRx Pharma, based in Menlo Park, CA, said it raised a $10 million Series B round to move an oral synthesized testosterone treatment into Phase 3 clinical trials and build its commercial manufacturing. The company did not disclose the identity of the investors. The company also announced the hiring of Michael Oefelein as chief medical officer. He previously held positions at Digirad and Allergan Medical.

Tobira Therapeutics, a San Francisco biotech developing an immunotherapy treatment for a liver disease known as nonalcoholic steatohepatitis and HIV, postponed its IPO today, citing market conditions. Tobira plans to raise about $60 million by offering 4.6 million shares at a price range of $12 to $14, according to Renaissance Capital. The company founded in 2006, plans to list on the NASDAQ under the symbol TBRA.

—Fremont, CA-based Zosano Pharma, a biotech developing a transdermal delivery system to treat osteoporosis, plans to raise $70 million by offering 6.4 million shares at a price range of $10 to $12. The company, founded in 2007, plans to list on the NASDAQ under the symbol ZSAN.

Regulus Therapeutics (NASDAQ: RGLS) of San Diego said Tuesday it has expanded a research deal with Biogen Idec of Cambridge, MA (NASDAQ: BIIB), originally signed in 2012, to identify microRNA as biomarkers for multiple sclerosis. Regulus will receive a $2 million upfront fee and potential milestone payments. The project will use blood samples from patients already treated with Biogen Idec MS therapy.

—Seattle’s CTI BioPharma (NASDAQ: CTIC) said today the FDA has granted its fast track designation to pacritinib for the treatment of intermediate and high-risk myelofibrosis, a disorder in which scar tissue replaces bone marrow. In a statement, the company says its oral drug is in two late-stage clinicial trials.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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