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Codiak Biosciences readies $100M IPO

September 10, 2020

Codiak Biosciences (CDAK) has filed a preliminary prospectus for a $100M IPO.

The Cambridge, MA-based biopharmaceutical firm develops exosome-based therapeutics for the treatment of a wide range of diseases with high unmet need.

Exosomes are a type extracellular vesicle that contain protein, DNA and RNA from the cells that secrete them. They are taken up by other cells where they can affect their function and behavior.

Lead candidates are exoSTING, a small molecule STING agonist, and exoIL-12, an IL-12-expressing exosome, for the potential treatment of solid tumors. Clinical trials should launch this year.

2020 Financials (6 mo.): Collaboration Revenue: $0.3M; Operating Expenses: $38.6M (+4%); Net Loss: ($45.3M) (-7%); Cash Burn: ($14.5M) (-153%).

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