German Biotech MorphoSys Seeks Nasdaq Listing
MorphoSys, a Germany-based biopharmaceutical company, is aiming for a listing on the Nasdaq exchange.
The company, which is currently traded on the German Stock Exchange, hopes to secure approximately $150 million in the endeavor, Endpoints News first reported this morning. MorphoSys said it intends to use those proceeds, along with other funds it has amassed, to drive its lead developmental product MOR208 through development and commercialization. MOR208, an investigational Fc-enhanced monoclonal antibody, targets CD19, a B-lymphocyte antigen. The company is developing the drug candidate as a treatment for diffuse large B cell lymphoma (DLBCL).
In a filing with the U.S. Securities and Exchange Commission MorphoSys laid out its plans for more than $400 million worth of program investments. MorphoSys said it intends to invest $225 million into the clinical development of MOR208. Additionally, the company said it intends to invest approximately $90 million into its commercial capabilities in connection with the potential future approval of MOR208.
Earlier this month MorphoSys reported updated Phase II data for the combination of MOR208 and Celgene’s Revlimid (lenalidomide) in patients with relapsed or refractory diffuse large B cell lymphoma. Patients in the trial are not eligible for high-dose chemotherapy and autologous stem cell transplantation. Data showed an overall response rate of 49 percent and a complete response in 31 percent of the patients.
As a result of the positive trial data MorphoSys Chief Development Officer Malte Peterson said in a statement that the company is in discussion with the U.S. Food and Drug Administration for “the possibility of an expedited regulatory submission and approval.”
Beyond DLBCL MorphoSys said it also intends to invest $20 million into the clinical development of MOR208 in combination with a checkpoint inhibitor as a treatment option in multiple myeloma and non-small cell lung cancer. Another $30 million will be spent on the clinical development of MOR106, an anti- IL-17C antibody, in atopic dermatitis.
Lastly the company said it will invest an additional $45 million into discovery programs and the development of its technology platforms.
MorphoSys said the proceeds from its initial stock offering plus the money it has banked will provide enough financial support through 2020. In two years though, the company noted in its SEC filing that executives expect additional clinical trial costs associated with some early stage candidates, such as MOR202 and MOR106. MorphoSys said it also could face additional costs with the potential commercialization of MOR208.
If approved for listing on the Nasdaq, MorphoSys will be under the ticker symbol MOR.