Electra Therapeutics plans to use proceeds from a proposed initial public offering to advance development of its lead drug candidate, ipsoprubart, which is being studied as a treatment for secondary hemophagocytic lymphohistiocytosis (sHLH), a rare and life-threatening inflammatory disorder.
The South San Francisco-based biotechnology company said it expects to allocate approximately $220 million toward ipsoprubart’s ongoing global Phase 2/3 trial in sHLH and efforts leading to an approval application. The experimental therapy targets signal regulatory proteins (SIRPs) and is designed to selectively deplete pathological immune cells.
sHLH is a severe hyperinflammatory syndrome caused by overactivation of the immune system. The condition can be triggered by cancer, infection, autoimmune disease or immunotherapy and requires immediate intervention after it develops.
Ongoing Study Builds on Earlier Clinical Results
Ipsoprubart is currently being evaluated in a global study intended to support approval. According to comments previously made by Electra Chief Executive Officer Kathy Dong, enrollment in the Phase 2/3 trial is expected to conclude in 2027, with topline results expected shortly afterward.
The ongoing trial follows a Phase 1b study in malignancy-associated HLH, a form of the syndrome linked to cancer. In that study, ipsoprubart achieved a 100% overall survival rate at eight weeks among 12 frontline patients.
In addition to the sHLH program, Electra plans to invest a further $25 million in an ongoing Phase 1 study of ipsoprubart in patients with natural killer/T-cell malignancies.
ELA822 Development Also Set to Receive Funding
The company has also earmarked approximately $50 million for development of ELA822, another therapy in its pipeline. ELA822 is a monoclonal antibody that targets signal regulatory protein gamma (SIRPγ) on immune cells.
The funding is expected to support an ongoing Phase 1 study in healthy volunteers as well as a planned Phase 1/2 study in patients with T-cell-mediated immune disorders.
“Electra plans to use the IPO proceeds to fund clinical trials for ipsoprubart, advance its second drug candidate, ELA822, and support its working capital and other corporate needs,” the company said in its filing.
IPO Aims to Support Clinical Programs
Electra was founded in 2018 to develop therapies targeting SIRPs, a family of cell-surface receptors whose expression is restricted to specific immune cell populations. The company employs 46 full-time staff members and indicated in its filing that it expects to expand its workforce.
To support its development programs, Electra is seeking to raise as much as $346.7 million through an initial public offering in the United States. The company plans to offer about 21.67 million shares priced between $14 and $16 each. At the midpoint of the proposed range, Electra expects net proceeds of approximately $296.6 million, which could rise to about $341.9 million if underwriters exercise their option to purchase an additional 3.2 million shares.
At the top end of the proposed price range, the offering would value the company at up to $977.6 million. Electra plans to list its shares on Nasdaq under the ticker symbol “ETRA,” with Jefferies, TD Cowen, Evercore ISI and Cantor serving as underwriters.
Electra Focuses on sHLH Treatment Development
Electra is developing ipsoprubart, formerly known as ELA026, as a pan-SIRP monoclonal antibody designed to selectively target pathological immune cells. The company’s approach is intended to address immune-cell activity associated with severe inflammatory disease.
sHLH is a rare and potentially life-threatening hyperinflammatory syndrome that can occur in association with conditions including cancer, infections, autoimmune diseases and immunotherapy. The condition involves excessive immune activation and can require urgent treatment.The next major milestones for Electra will include continued enrollment and execution of the SURPASS study, additional clinical data and eventual regulatory evaluation. The Phase 2/3 results will be important for determining whether the findings observed in earlier research can be reproduced in a larger patient population.
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