{"id":26880,"date":"2015-04-30T17:19:54","date_gmt":"2015-04-30T21:19:54","guid":{"rendered":"http:\/\/sciencebusiness.technewslit.com\/?p=26880"},"modified":"2016-06-11T12:32:38","modified_gmt":"2016-06-11T16:32:38","slug":"cancer-biotech-raising-147-million-in-ipo","status":"publish","type":"post","link":"https:\/\/technewslit.com\/sciencebusiness\/?p=26880","title":{"rendered":"Cancer Biotech Raising $147 Million in IPO"},"content":{"rendered":"
\"Wall<\/a>
(A. Kotok)<\/figcaption><\/figure>\n

30 April 2015. Blueprint Medicines<\/a>, a developer of cancer therapies that block enzymes supporting tumor growth, is raising some $146.7 million in its initial public stock offering. The Cambridge, Massachusetts enterprise, listed on the NASDAQ exchange under the symbol BPMC<\/a>, issued 8.15 million shares at $18.00.<\/p>\n

The company began trading today with its share price going as high as $23.89, but settling back to $18.80 by the closing bell, up 4.4 percent over the IPO price. By comparison, NASDAQ’s biotechnology stock index<\/a> fell today by more than 3 percent.<\/p>\n

Blueprint develops cancer therapies that limit the actions of kinases, enzymes supporting cancer growth resulting from genomic mutations. The\u00a0<\/span>company\u2019s technology<\/a>\u00a0<\/span>is designed to generate treatments for patients that address their precise genomic alterations, with a library of kinase inhibitors referencing some 200 kinases. The company says these kinase inhibitors can be the building blocks for powerful cancer-fighting medications.<\/p>\n

Blueprint’s lead drug candidates<\/a> are still in preclinical testing. Earlier this month, the company reported on tests of its BLU-285<\/a> therapy that aims to block kinases released by mutations in a gene (KIT exon 17<\/a>) associated with gastrointestinal stromal tumors<\/a> or GISTs, at a meeting of American Association for Cancer Research.<\/p>\n

The tests show the highest doses of BLU-285 resulted in significant tumor regression in mice induced with gastrointestinal stromal tumors and prevented regrowth of the tumors for 28 days. Blueprint says it plans early-stage clinical trials of BLU-285 later this year.<\/p>\n

The company reported last week on another therapy, code-named BLU-554<\/a>, that limits activity of mutations generating the enzyme fibroblast growth factor receptor 4, associated with hepatocellular carcinoma<\/a>, a common type of liver cancer. Tests of BLU-554 reported at the International Liver Congress, show that mice induced with hepatocellular carcinoma from amplified fibroblast growth factor receptor 4 had complete tumor remission when treated with the highest doses of BLU-554. Blueprint also plans early-stage trials of BLU-554 later this year.<\/p>\n

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