Summary
- Greenwich LifeSciences has filed to raise $23.5 million in an IPO.
- The firm is advancing a breast cancer treatment candidate, GP2.
- GLSI has seen promising Phase 2b trial results in an adjuvant setting.
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Quick Take
Greenwich LifeSciences (GLSI) has filed to raise $23.5 million in an IPO of its common stock, according to an S-1 registration statement.
The firm is developing an immunotherapy designed to prevent the recurrence of breast cancer.
GLSI is preparing to enter Phase 3 trials in 2020 for its sole candidate.
I’ll provide a final opinion when we learn management’s pricing and valuation assumptions for the IPO.
Company & Technology
Stafford, Texas-based Greenwich was founded to develop an adjuvant therapy for patients with HER2/neu 3+ breast cancer in conjunction with Herceptin.
Management is headed by Mr. Snehal Patel, who has been with the firm since 2010 and was previously a consultant to various biotech companies and worked in operations and business development at Bayer (OTCPK:BAYRY).
Below is a brief overview video of HER2+ breast cancer:
Source: Breast Cancer School for Patients
The firm’s only drug candidate is GP2, and in a Phase 2b trial that was completed in 2018, there were no recurrences in the HER/2neu 3+adjuvant setting after a median of five years after specified treatment.Management intends to begin Phase 3 trials in 2020.
Investors in the firm have invested at least $25.8 million and include various individual investors including the CEO.
Market & Competition
According to a 2017 market research report by GlobalData UK, the market for HER2-positive breast cancer was an estimated $6.4 billion in 2015 and is expected to reach $9.9 billion by 2025.
This represents a forecast CAGR (Compound Annual Growth Rate) of 4.4% from 2015 to 2025.
Key elements driving this expected growth are the introduction of a first line treatment by Roche (Perjeta) and other treatments as well as an increase in incidence due to the world's aging female population.
Major competitive vendors that provide or are developing treatments include:
- Roche (OTCQX:RHHBY)
- Bristol-Myers Squibb (BMY)
- Merck (MRK)
- AstraZeneca (AZN)
- Celgene (CELG)
- Johnson & Johnson (JNJ)
- Amgen (AMGN)
- Novartis (NVS)
- Juno Therapeutics
- Kite Pharma
- Pfizer (PFE)
Management says it believes its drug 'will act synergistically with Herceptin, Perjeta, Nelynx, Kadcyla and Enhertu.’
