The Walloon biotech company Iteos is starting its stock market career. At its first listing on the Nasdaq, the stock opened at $ 25.55. That is well over a third above the already raised introductory price of $ 19.
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The interest among American investors for Iteos was great. The Walloon biotech company hoped to place its new shares within a price range of $ 16 to $ 18, but fixed the introductory price at $ 19 each. In addition, it also sold 1.7 million shares more than expected. That together yielded $ 201 million in fresh money.
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The operation valued the biotech company at $ 636 million (€ 548 million). But that figure is already obsolete, because Iteos started his stock market career at a price of $ 25.55, more than 34 percent higher than the introductory price. At that price, the Gosselies (Charleroi) company is worth about $ 855 million.
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It took more than two hours before a first equilibrium course could be recorded. Shortly after the opening, the price jump already fell back to smaller proportions.
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Cancer
Iteos Therapeutics – which is listed under the ticker ITOS – will use the proceeds from the operation to fund his research. It is one of many companies hoping to force a breakthrough in immunotherapy to fight cancer.
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Immunotherapy is a collective name for ways to boost the immune system and thus destroy tumor cells faster and better.
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With one of its drugs under development, it has already had the first positive results in a few exhausted cancer patients for whom Iteos was just about the last lifebuoy. “One of the patients had already received six other treatments for two years. In vain. Now suddenly there is improvement and the tumor has shrunk with our treatment, ‘said CEO Michel Detheux.
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tĭgi
In addition, Iteos is in the hotspot of cancer medicine with a second technology where everything revolves around TIGIT. That is a kind of built-in brake in the human immune system. By turning off that brake, tumors could be treated better. Roche, among others, is working on it and Gilead signed a billion-dollar deal with Arcus earlier this year to gain a foothold in this new field.
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Five years of patience
As usual with biotech companies in this phase, Iteos is still loss-making and has no turnover. “We have accumulated large losses since inception and we expect losses in the coming years,” the prospectus reads. That information document serves as a guide for investors. “We will need several rounds of funding before we reach our goals.” It may take five years for an initial Iteos product to hit the market.
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Desire Collen
Iteos is the fourth Belgian biotech company to be listed on Nasdaq, alongside Galapagos, Celyad and Argenx. The CEO of the latter – Tim Van Hauwermeiren – sits on the board of Iteos.
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Iteos has been in the spotlight in the past two years by raising $ 200 million from mainly US investors – spread over two transactions. Among others, the Belgians Fund + (founded by the biotech pioneer Désiré Collen), the venture capital fund VIVES Louvain Technology Fund and the public investment companies SRIW and FPIM are also participating as shareholders.
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