Brisbane, CA, United States (4E) – Atara Biotherapeutics Inc., which makes therapies for illnesses such as cancer and kidney disease, announced its plans to file for an initial public offering (IPO).
The company said it will use the proceeds from the IPO for Phase 2 of clinical trial of lead candidate Pinta 745, and Phase 1 study for second candidate Stm 434, and fund capital requirements and operations at least until end-2016.
Evaluations on Pinta 745 are being done for protein energy wasting, a condition affecting many patients suffering end-stage renal diseases. The firm also plans to conduct tests on Stm 434 for ovarian cancer as well as other solid tumors.
The company’s investors include billionaire Mexican businessman Carlos Slim, through a family trust that controls a 9.3 percent stake in Atara, according to a regulatory filing.
Atara, based in Brisbane, Calif., posted an $8.77mn net loss, or $6.99 a share, for the year ended December 2013. Atara has filed to be listed on the Nasdaq exchange under the symbol ATRA.
Atara estimates the stock offering could raise as much as $50mn, though the figure could likely change.