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Regulus Therapeutics Files for IPO as ‘Emerging Growth’ Company

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2007 with technology, capital, and expertise provided by Carlsbad, CA-based Isis Pharmaceuticals (NASDAQ: ISIS) and Cambridge, MA-based Alnylam Pharmaceuticals (NASDAQ: ALNY). Isis holds a 45.2 percent stake in the company and Alnylam owns just over 44 percent. Regulus says it now has 56 full-time employees, including 23 with Ph.D. degrees.

The company’s says it has raised a total of $106.6 million from its founders, other investors, and through strategic drug-research partnerships with AstroZeneca, GlaxoSmithKline (GSK), and Sanofi. Under these alliances, Regulus says it could receive as much as $1.7 billion in milestone payments for successfully completing development of its microRNA products through 11 drug development programs.

The IPO filing says AstraZeneca also has agreed to buy $25 million worth of Regulus common stock in a concurrent private placement in which the share price will be equal to offering price of the Regulus IPO. Sanofi has indicated it might buy as much as $10 million in Regulus shares in a similar private placement, while Isis and GSK have each indicated an interest in buying as much as $2 million in Regulus shares. These latter deals are non-binding, however, so Sanofi, Isis, and GSK might buy invest less or not at all.

Regulus generated total revenue of nearly $13.8 million in 2011. At the end of June, the company had nearly $27 million in cash and cash equivalents and an accumulated deficit of almost $47.9 million.

The company says it intends to list its shares on the NASDAQ under the symbol RGLS.

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  • General Anthony C. McAuliffe