Fewer companies filed for initial public offering this year, compared to 2021 when the market witnessed a record number of IPOs. With only a few weeks left for the year to end, there is hardly any sign of activity picking up. Cancer drug maker Felicitex Therapeutics Inc. is among the latest to file papers with regulators to go public.
$16-mln offering
Falicitex is planning to offer 2.5 million shares at a tentative price of $6.25 per unit, which the company might revise later. The management intends to apply for listing the stock on the Nasdaq Capital Market under the ticker symbol FLCT. Pursuant to the offering, Falicitex’s top officers and directors would own around 59% of the outstanding shares. Aegis Capital Corp. is the sole underwriter in the offering.
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Established in May 2012, Falicitex is a preclinical drug development company focused on developing treatments targeting cancer cells, both active and dormant. Maria Vilenchik, who founded the company, has been serving as the chief executive officer for more than a decade.
Target Market
Falicitex’s therapies involves selective disruption of dormant cancer cells in a method that is specific to tissue contest and type of disease. For that, the company has designed and patented small molecules and related methods. The management is looking to address unmet needs in large oncology segments such as non-small cell lung cancer, glioblastoma multiforme as well as ovarian, prostate, colorectal, and pancreatic cancers.
What differentiates Falicitex from other cancer drug developers is its specialization in dormant cancers, a promising area that has not been explored adequately. Meanwhile, the company has not obtained regulatory approval for any of its drug candidates, and none of them has entered phase-I clinical trials.
Pipeline
Among the lead candidates, FX-1610 is a compound being developed for pediatric leukemia – Acute Lymphoblastic Leukemia. The company plans to file an investigational new drug application for this formulation in the first half of 2023. FX-7742 is being developed for solid tumor indications — an investigational new drug application will be submitted for FX-7742 early next year. The third one, FX-9847, is a backup to FX-7742 if the latter fails safety testing. An application will be filed for this compound in the second half of 2023.
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In the nine months that ended September 30, 2022, Falicitex did not generate any revenue due to the absence of marketable products. The company incurred a loss of $1.54 million during that period, compared to a loss of $0.60 million in the same period of 2021.