Fate Therapeutics files for IPO

LA JOLLA Fate Therapeutics became the latest biotech filing for an IPO on Wednesday.

Fate seeks to raise up to $69 million, according to an Xconomy article on the IPO filing.

Founded on stem cell technology, the company is in Phase 2 trials of a treatment it calls ProHema to improve the success of hematopoietic stem cell transplants, also called bone marrow transplants. These transplants are often performed on patients whose own blood-forming stem cells have been destroyed by chemotherapy for blood cancers such as leukemia and lymphoma. ProHema is used with stem cells taken from umbilical cord blood.

Fate says it will use the proceeds to advance ProHema and its other products in preclinical development, and for general corporate purposes.

Fate has been granted orphan designation for ProHema, also called, FT1050, the prospectus states. Fate says it has paused enrollment in the Phase 2 trial because it has developed a better formulation. Preclinical studies show the new formula more than doubles the success rate of engraftment, according to the prospectus. On Aug. 1, Fate submitted an amendment to its IND to the U.S. Food and Drug Administration, asking to use the improved product.

"Subject to the consent of the FDA, we expect to resume enrollment of our Phase 2 clinical trial in 2014," the prospectus states. "We also expect to commence an additional clinical trial in children and adolescents with hematologic malignancies in 2014."

The company's president and CEO is Christian Weyer, who was Amylin's senior vice president of research and development. Biotech veteran William H. Rastetter, chairman of Illumina, is a non-management chairman of the board. John D. Mendlein, CEO and executive chairman of aTyr Pharma, is vice chairman.

Here are two previous U-T San Diego articles about Fate Therapeutics:

-- Fate Therapeutics to sell stem cell products through N.J. distributor

-- Consortium targets next-level stem research

See the original post here:
Fate Therapeutics files for IPO