Tracon Pharma S-1 Analysis

Tracon Pharma Basic Info

Exchange: NASDAQ

Proposed Symbol: TCON

State of Inc: DE

Employees: 14

CEO: Charles P. Theuer

IPO Date: 1/30/15

Price Range: $12-14

Shares offered: 3.6 mm

Offer Amount: $47 mm

Description from S-1: “We are a clinical stage biopharmaceutical company focused on the development and commercialization of novel targeted therapeutics for cancer, age-related macular degeneration, or AMD, and fibrotic diseases. We are a leader in the field of endoglin biology and are using our expertise to develop antibodies that bind to the endoglin receptor. Endoglin is essential to angiogenesis, the process of new blood vessel formation, and a key contributor to the development of fibrosis, or tissue scarring. Our lead product candidate, TRC105, is an anti-endoglin antibody that is being developed for the treatment of multiple solid tumor types in combination with inhibitors of the vascular endothelial growth factor, or VEGF, pathway. The VEGF pathway regulates vascular development in the embryo, or vasculogenesis, and angiogenesis. TRC105 has been studied in six completed Phase 2 clinical trials and three completed Phase 1 clinical trials, and is currently being studied in four Phase 2 clinical trials. We expect topline data in all of these ongoing clinical trials by late 2015 to mid 2016 and, if results are positive, we expect to initiate Phase 3 clinical trials for one or more initial indications of soft tissue sarcoma, renal cell carcinoma, glioblastoma, an aggressive form of brain cancer, and hepatocellular carcinoma by the end of 2016.”

From the S-1


  • Lead Underwriters: Wells Fargo Securities, Stifel, Needham & Company, and Oppenheimer.

2014 Sales: $2.6 mm

Total Assets: $41.31mm

Market Cap: $155.7 mm

Competitors: Allergan, Conatus Pharmaceuticals, FibroGen, Galmed Pharmaceuticals Ltd., Genentech, Gilead Sciences, Immuron, Intercept Pharmaceuticals, Janssen Pharmaceutical, Mochida Pharmaceutical Co Ltd, and Regeneron Pharmaceuticals

Other Notes

  • Based in San Diego, CA
  • Founded in 2004
  • They develop antibodies to treat cancer, AMD, and fibrotic diseases.
  • In September TCON completed a $27 million Series B financing round from new investors New Enterprise Associates, BioMed Ventures and an unnamed institutional investor. That round also included existing investors JAFCO Co. Ltd., Nextech Invest Ltd., Brookline Investments, Arcus Ventures and BHP.
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