Pfizer spin off company springworks plans to raise $115 million in IPO

On August 19, 2019, the arterial network learned through foreign media information that spring works therapeutics (spring works), a biopharmaceutical company, announced that it would make an initial public offering, with a planned capital of 115 million US dollars The company has submitted a preliminary prospectus It is reported that spring works has completed two rounds of financing Among them, the company completed USD 125 million round B financing in April 2019 and USD 103 million round a financing in September 2017 Spring works was split from Pfizer in 2017, headquartered in Connecticut, USA It is a biopharmaceutical company in clinical stage The company mainly develops and commercializes therapeutic drugs for severe rare diseases and cancer, providing patients with new treatment options Since its establishment, spring works has cooperated with a number of pharmaceutical enterprises and research institutions, and obtained financial support from a number of investment partners Nirogacestat, one of the main candidate drugs of spring works, is a small molecule γ - secretase inhibitor, which is mainly used to treat patients with progressive, unresectable and recurrent fibroids At present, springworks has completed phase I and phase II clinical trials of the drug In June 2018, the FDA granted nirogacestat the qualification of orphan drugs In November of the same year, the drug obtained FDA fast track qualification Desmoid tumor, also known as ligamentoid tumor, is a rare soft tissue tumor that occurs frequently in young people The disease can invade joints, muscles, blood vessels, nerves, viscera and other surrounding healthy tissues, and can appear in any part of the body The severity of desmoid tumor and its related symptoms often changes with tumor size, location and growth rate It is estimated that about two to five people in every million people in the world suffer from desmoid tumors, and there are 1000 to 1500 new cases of the disease every year in the United States The traditional treatment of desmoid tumor is surgical resection Patients with more serious disease even need amputation But even if the corresponding intervention measures are taken, the recurrence rate of patients is still very high At present, there is no drug approved for desmoid tumor Spring works has also developed mirdematinib for the treatment of neurofibromatosis type 1 (NF1), a small molecule oral inhibitor, which can block the signal transduction pathway of mitogen activated protein kinases 1 and 2 (MEK1 and 2) in tumor development The FDA and the European Commission have awarded the drug the orphan drug qualification to treat NF1 The FDA has also granted mirdametinib fast track qualification to treat NF1 patients over 2 years of age who are difficult to operate on NF1 is a rare genetic disease Because of the mutation of NF1 gene, the tumor suppressive effect of NF1 is impaired or completely lost About 30% - 50% of NF1 patients will have plexiform neurofibroma (PNF) and other serious lesions, which can lead to pain, disfigurement and loss of motor ability, and the survival rate of patients is low It is estimated that there are about 100000 NF1 patients in the United States, most of whom are in early childhood.