Beltsville's NextCure closes IPO, grosses nearly $90M

Beltsville's NextCure closes IPO, grosses nearly $90M
<span>Beltsville-based NextCure Inc. (NASDAQ: NXTC), a clinical-stage biopharmaceutical company with one anticancer drug in clinical testing, grossed $86.25 million&nbsp;through its initial public offering&nbsp;of 5.75 million common shares.</span>

By   – Associate Editor, Washington Business Journal

Beltsville-based NextCure Inc. (NASDAQ: NXTC), a clinical-stage biopharmaceutical company with one anticancer drug in clinical testing, grossed $86.25 million through its initial public offering of 5.75 million common shares.

The 44-employee NextCure priced its IPO at $15 per share and closed Monday at $19.40 per share. It's been as high as $22.75 on the Nasdaq Global Market since it started trading Thursday. The $86.25 million includes the exercise in full by the underwriters of 750,000 shares.

Morgan Stanley, BofA Merrill Lynch and Piper Jaffray & Co. ran the IPO for NextCure.

The net proceeds from the IPO, along with NextCure's $135.2 million in cash and cash equivalents, will largely be used to drive its lead product, NC318, through clinical trials and testing. NC318 was developed to treat patients with advanced or metastatic solid tumors, while a second product in an earlier stage of development, NC410, is designed to help boost a patient's immune response to tumors.

NextCure was co-founded by President and CEO Michael Richman, an alum of MedImmune and MacroGenics Inc. (NASDAQ: MGNX) before he led and sold Gaithersburg-based Amplimmune to AstraZeneca PLC (NYSE: AZN) in 2013 in a roughly $500 million deal. Several of NextCure's C-suite executives hail from Amplimmune and MacroGenics. The company's other co-founder is Lieping Chen, its scientific founder and a Yale University professor whose research led to NextCure's product line.

Source: www.bizjournals.com