Alder Biopharmaceuticals of Bothell has joined an industrywide rush to go public, filing plans Wednesday for an initial public offering to raise up to $115 million.
The clinical-stage biotechnology company has two product candidates, both discovered by Alder, in the early testing stage — one to prevent migraines and one to treat rheumatoid arthritis and psoriatic arthritis.
Alder is partnered with Bristol-Myers Squibb on developing the arthritis product and so far has received $103 million from the drug giant.
The company also says its proprietary technology for creating monoclonal antibodies in yeast cells “offers distinct advantages over traditional mammalian cell culture approaches widely used in the manufacturing of antibodies.”
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Launched a decade ago, Alder has accumulated a deficit of $145 million, according to its IPO filing.
Last year it reaped $18.8 million from collaboration and licensing deals and posted a net loss of $20.6 million. It had $23 million in cash on hand at year-end.
Proceeds of the IPO will be used to put the migraine drug through a phase II clinical trial with high-frequency migraine patients, and to pursue other drug research.
The filing does not indicate how many shares Alder aims to sell, or the expected price range.
Alder’s president and CEO is Randall Schatzman, who co-founded the company in 2004. Previously he was senior vice president of discovery research at Celltech R & D, a wholly owned subsidiary of Celltech Group.