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Endocyte prices IPO stock

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Endocyte Inc. priced shares for its initial public offering this week, moving one step closer toward raising more than $80 million to fund its cancer drug development.

The West Lafayette-based drug-development firm intends to sell 6.15 million shares for $13 to $15 apiece. That range would fetch $80 million to $92 million.

Those figures include 802,500 shares that will be sold only if demand outstrips the initial allotment of shares of 5.35 million. If Endocyte sells only the smaller amount of shares, it would raise between $70 million and $80 million.

In either case, more than $10 million of the funds will cover Endocyte’s costs in staging the IPO.

Endocyte first indicated in August it would take itself public by selling shares worth $86.3 million, but not until Wednesday did it disclose the price range and number of shares to be sold.

Endocyte operates out of 14,000 square feet at Purdue University Research Park as well as a 4,000-square-foot office in Indianapolis. It is developing six cancer drugs, most of which target cancer cells by binding to their receptors for the compound folate.

Such receptors are “over-expressed” in cancer cells, compared with healthy cells, so Endocyte’s drugs have the potential to be more potent killing the cancers while attacking fewer healthy cells than existing chemotherapy agents.

Endocyte’s leading drug, called EC145, is being tested to treat ovarian cancer that is resistant to platinum-based drugs, as well as to treat non-small-cell lung cancer.

Endocyte launched 15 years ago, based on the research of Philip Low, a Purdue University chemistry professor who serves as Endocyte’s chief science officer.

Venture capitalists in Indiana and nationally have thrown money at the company with abandon. Local investors include CID Capital, Clarian Health Ventures and the Indiana Future Fund.

An even larger investor is the pension fund of the Indianapolis-based Christian Church (Disciples of Christ): It stands to hold nearly 2.5 million shares in Endocyte after the public offering, worth at least $32.2 million. That amount is more than triple the $10.3 million the church invested in Endocyte.

Endocyte will trade on the Nasdaq Global Market under the ticker symbol ECYT.

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  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

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