Acumen Pharmaceuticals Pursues $125 Million IPO

seekingalpha2021-07-01

Summary Acumen Pharmaceuticals has filed proposed terms for a $125 million IPO. The firm is developing a treatment for Alzheimer's Disease. ABOS is researching a notoriously difficult area, so the ...

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DarylBin
2021-07-01
DarylBin
Good
Geminifx
2021-07-01
Geminifx
Ok
Shishir
2021-07-01
Shishir
Yes.
Shishir
2021-07-01
Shishir
Good dY
Amazingday
2021-07-01
Amazingday
Good day
Amazingday
2021-07-01
Amazingday
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I'll watch it from the sidelines.\n\nQuick Take\nAcumen Pharmaceuticals (ABOS) has filed to raise $125 million in an IPO of its common stock, according to an S-1/Aregistration statement.\nThe firm is a clinical stage biopharma developing a treatment candidate for patients with Alzheimer's disease [AD].\nABOS is operating in a notoriously difficult research area so its chances for meaningful success are extremely low.\nI'll pass on the IPO.\nCompany & Technology\nCharlottesville, Virginia-based Acumen was founded to develop a treatment focused on amyloid-beta oligomers, or ABOS, which management believes are the most toxic form of amyloid-beta.\nManagement is headed by president and CEO Daniel O'Connell, who has been with the firm since 2014 and was previously co-founder and CEO of Functional NeuroModulation Ltd.\nThe firm's primary candidate, ACU193, just started its Phase 1 safety trial with patients with mild dementia or mild cognitive impairment.\nABOS expects Phase 1 data to be published not until sometime in 2022.\nInvestors in the firm have invested at least $57 million in equity investment and include RA Capital Management, PBM Capital, Robert Hardie, Sands Capital Management, James Murray Jr. and Knollwood Investment.\nMarket & Competition\nAccording to a 2020 marketresearch reportby Market Insight Reports, the global market for Alzheimer's Disease was an estimated $2.9 billion in 2018 and is expected to reach $10.5 billion by 2025.\nThis represents a forecast CAGR (Compound Annual Growth Rate) of 17.5% from 2019 to 2025.\nKey elements driving this expected growth are the aging global population and increasing incidence of Alzheimer's and related dementia diseases.\nAlso, there are numerous early stage through major pharmaceutical firms developing treatments in the difficult to succeed area.\nMajor competitive vendors that provide or are developing related treatments include:\n\nAlzheon\nAlzinova\nChugai Pharmaceuticals\nCognition Therapeutics\nEisai\nEli Lilly\nGrifols\nKalGene Pharmaceuticals\nNeurimmune AG\nWren Therapeutics\nAbbVie\nJohnson & Johnson\nOthers\n\nFinancial Status\nAcumen's recent financial results are typical of an early stage biopharma firm in that they feature little revenue and significant R&D and G&A expenses associated with its development efforts.\nBelow are the company's financial results for the past two and 1/4 years:\n\nAs of March 31, 2021, the company had $41.4 million in cash and $31.2 million in total liabilities.\nIPO Details\nAcumen intends to raise $125 million in gross proceeds from an IPO of its common stock, offering 8.3 million shares at $15.00 per share.\nNo existing shareholders have indicated an interest to purchase shares at the IPO price.\nAssuming a successful IPO, the company's enterprise value at IPO (ex. underwriter options) would approximate $370.6 million, excluding the effects of underwriter over-allotment options.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 22.53%.\nManagement says it will use the net proceeds from the IPO as follows:\n\n\napproximately $75.0 million to fund the completion of our ongoing Phase 1 clinical trial of ACU193 and, subject to the successful completion of that trial, the Phase 2 portion of a future Phase 2/3 adaptive trial of ACU193;\napproximately $30.0 million to fund chemistry, manufacturing and other research and development activities; and\nthe remainder for working capital and other general corporate purposes.\n\n\nManagement's presentation of the company roadshow isavailable here.\nListed bookrunners of the IPO are BofA Securities, Credit Suisse, Stifel and UBS Investment Bank.\nCommentary\nAcumen is seeking public capital market funding to advance its sole product through clinical trials.\nThe firm's lead candidate, ACU193, recently started its Phase 1 safety trial with patients with mild dementia or mild cognitive impairment. ABOS expects Phase 1 data to be published not until sometime in 2022 at the earliest.\nThe market opportunity for treating Alzheimer's disease is large and expected to grow substantially due to an aging global population. The number of Baby Boomers retiring in the U.S. is estimated at 10,000 each day.\nManagement has disclosed no major pharma firm collaboration agreements.\nThe company's investor syndicate does not include any mainline life science venture capital firms, although it does include RA Capital Management, a frequent investor in life science firms.\nBofA Securities is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 42.9% since their IPO. This is a top-tier performance for all major underwriters during the period.\nAs for valuation, management is asking IPO investors to pay an Enterprise Value of approximately $371 million, in the middle of the typical range for clinical biopharma firms at IPO.\nI'm leery of neurological life science firms, especially those operating in the dementia related spaces such as Alzheimer's as these areas have proven exceedingly difficult for even deep-pocketed major pharma firms to make any progress in.\nWhile I wish the firm well, I'll watch the IPO from the sidelines.\nExpected IPO Pricing Date: June 30, 2021","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":158024422,"gmtCreate":1625115209166,"gmtModify":1633944608709,"author":{"id":"3553752126202788","authorId":"3553752126202788","name":"DarylBin","avatar":"https://static.tigerbbs.com/a3cd90415a299f9a5bd15f5cd641670c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3553752126202788","authorIdStr":"3553752126202788"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158024422","repostId":1129431555,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":158068299,"gmtCreate":1625114342711,"gmtModify":1633944621505,"author":{"id":"4087730205940900","authorId":"4087730205940900","name":"Geminifx","avatar":"https://static.tigerbbs.com/15c0fff97ae1992c6604d4f63b930462","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4087730205940900","authorIdStr":"4087730205940900"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158068299","repostId":1129431555,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":151777304,"gmtCreate":1625110501808,"gmtModify":1633944666337,"author":{"id":"3577771722524346","authorId":"3577771722524346","name":"Shishir","avatar":"https://static.tigerbbs.com/5bbb5ffb9814e2b46f518ffcbf85ff64","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3577771722524346","authorIdStr":"3577771722524346"},"htmlText":"Yes.","listText":"Yes.","text":"Yes.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/151777304","repostId":1129431555,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":151775175,"gmtCreate":1625110320797,"gmtModify":1633944667749,"author":{"id":"3577771722524346","authorId":"3577771722524346","name":"Shishir","avatar":"https://static.tigerbbs.com/5bbb5ffb9814e2b46f518ffcbf85ff64","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3577771722524346","authorIdStr":"3577771722524346"},"htmlText":"Good 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