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Acrivon Therapeutics Prices $99.4M Initial Public Offering

NEW YORK – Acrivon Therapeutics on Monday priced an initial public offering of 7,550,000 shares of common stock at $12.50 per share.

The company is expecting $99.4 million in gross proceeds from the IPO, before accounting for discounts, commissions, and offering expenses. Acrivon is also offering underwriters a 30-day option to purchase an additional 1,132,500 shares of common stock at the initial public offering price.

Acrivon's shares will begin trading on the Nasdaq Global Market on Nov. 15 under the ticker symbol "ACRV." The IPO is expected to close on Nov. 17. Jefferies, Cowen, and Piper Sandler are joint lead bookrunning managers for the offering.

Acrivon, based in Watertown, Massachusetts, expects to use the proceeds to advance its lead candidate, the CHK1/2 inhibitor ACR-368, into registrational trials, according to a filing with the US Securities and Exchange Commission. In June 2021, Acrivon acquired the worldwide license to ACR-368, previously called prexasertib, from Eli Lilly for an undisclosed amount.

The firm is currently studying the drug in three Phase II studies involving patients with platinum-resistant ovarian, endometrial, and bladder cancer. Acrivon is also working with Akoya Biosciences on developing a companion diagnostic, called OncoSignature, to identify patients eligible for ACR-368 based on a protein signature.

The firm further hopes to use the proceeds to begin a Phase II study of ARC-368 in HPV-positive tumors, including anal, cervical, and head and neck cancers, and complete investigational new drug application-enabling studies for at least one of its preclinical programs, which includes a WEE1 inhibitor and a PKMYT1 inhibitor. Acrivon will use any remaining funds to further advance its Predictive Precision Proteomics (AP3) precision medicine platform and for other R&D activities, working capital, and general corporate purposes.

As of June 30, Acrivon had cash and cash equivalents of $83.9 million, according to the SEC filing. The firm expects this cash plus additional funding from the IPO will fund operating expenses into the fourth quarter of 2024. However, Acrivon noted in the filing that these funds will not be enough to take its candidates through regulatory approval, and that it will need to raise additional capital to complete development and commercialization of its drug candidates.