Galera Therapeutics Begins U.S. IPO Effort

10/17/19

Summary

  • Galera Therapeutics had filed to raise $86 million in a U.S. IPO, although the final figure may differ.
  • The firm is advancing treatment candidates for conditions arising from cancer radiotherapy.
  • GRTX expects to have topline readout from its lead Phase 3 trial candidate in 1H 2021.
  • I'll provide an update when we learn more IPO details from management, such as expected pricing and valuation.
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Quick Take

Galera Therapeutics (GRTX) has filed to raise gross proceeds of $86.25 million from a U.S. IPO, according to an S-1 registration statement.

The firm is developing superoxide dismutase mimetics [SOD]-based therapeutics for complications resulting from cancer radiotherapy.

GRTX is preparing for Phase 3 trials for its lead candidate for the treatment of severe oral mucositis.

Company & Technology

Malvern, Pennsylvania-based Galera was founded in 2009 to develop SOD-based therapeutics for diseases resulting from cancer radiotherapy, such as severe oral mucositis [SOM].

Management is headed by President, CEO and Director J. Mel Sorensen, who has been with the firm since 2012 and previously served as Senior Investigator in the Cancer Therapy Evaluation Program.

Galera has developed GC4419, a highly-selective SOD mimetic that was granted a Breakthrough Therapy Designation by the US FDA and is currently being evaluated for its efficacy in reducing the severity of SOM (Severe Oral Mucositis) in patients with head and neck cancer [HNC].

Management believes that, if approved, GC4419 has the potential to be 'the first FDA-approved drug and the standard of care for the reduction of SOM in patients with HNC receiving radiotherapy,' and plans to further expand the drug's indications to other radiotherapy-induced toxicities.

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