Calithera Biosciences Inc.'s shares (NASDAQ:CALA) closed Thursday at $9.41, a loss of 59 cents, after rising as much as 12.4 percent to $11.24 after the tumor metabolism and immunology specialist priced its initial public offering (IPO). Shares started the day at the $10 selling price but met head-on with the fourth day of losses in the overall market.

The South San Francisco-based company priced its shares well below the $13 to $15 range underwriters set at the beginning of the bookbuilding process. But by upsizing the number of shares sold to 8 million from an earlier planned 6 million, Calithera was able to raise about $80 million overall. The majority of that will go to advance CB-839, its phase I glutaminase inhibitor for triple-negative breast cancer and multiple myeloma. (See BioWorld Today, Aug. 27, 2014.)

The company is evaluating CB-839, its wholly owned lead program, in three single-agent phase I trials enrolling patients with solid tumors, leukemias, lymphomas and multiple myeloma. Initiated in February 2013, the dose-esclation trials are intended to establish tolerability and safety of the drug. Each of the single-agent trials is also offering an expansion stage to seek preliminary evidence of efficacy. (See BioWorld Today, Oct. 30, 2013.)

Delphi Ventures, Morgenthaler Venture Partners, Advanced Technology Ventures and Adage Capital Management, each of which owned 18 percent or more shares of the company prior to the offering, all had planned to sell during the offering, reducing their shares about 11 percent each, though Delphi still holds about 12 percent.

Citigroup Global Markets Inc. and Leerink Partners LLC are the joint bookrunners on the deal, joined by underwriters Wells Fargo Securities LLC and JMP Securities LLC.

MORE IPOs ON DECK

In the on-deck circle, both the Danish immune disorder drug developer, Forward Pharma A/S, and the dermatology-focused Dermira Inc. revised filings for their upcoming IPOs.

In its updated filing, Forward said it plans to list about 9.5 million American depository shares for between $20 and $22 each, which at its midpoint would see it raise $200 million, making it one of the year's biggest biotech IPOs, alongside Kite Pharma Inc.'s $146.6 million raise and Circassia Pharmaceuticals plc's £200 million (US$333.6 million) offering. (See BioWorld Today, March 14, 2014, and June 23, 2014.)

Forward plans to devote about $80 million of the offering's net proceeds to pursue a phase III trial of FP187, its dimethyl fumarate therapy for the treatment of relapsing-remitting multiple sclerosis, with the goal of supporting a new drug application in the U.S. and a European marketing authorization application. Another $22 million will be dedicated to supporting development of FP187 for the treatment of psoriasis, a program for which the company plans to initiate a phase III study by early 2015. (See BioWorld Today, Aug. 12, 2014.)

Forward, which filed as an emerging growth company, intends to list on Nasdaq under the symbol FWP. Leerink Partners LLC is the sole bookrunner.

Dermira upsized its planned offering, announcing plans to raise up to $117 million through the sale of 7.8 million shares priced at $14 to $16 each. The Redwood City, Calif.-based company, which has three late-stage programs in psoriasis, acne and hyperhidrosis, started with plans to sell 5.4 million shares, but clearly sees the potential for more substantial demand.

Filing as an emerging growth company, Dermira plans to list on Nasdaq as DERM. Funds for the IPO will be used primarily to continue development of Cimzia (certolizumab pegol), its injectable TNF inhibitor for psoriasis. In July, Dermira inked an exclusive licensing deal with UCB SA, of Brussels, for rights to Cimzia in the U.S., Canada and the European Union in return for completing a phase III program of the TNF inhibitor in moderate to severe plaque psoriasis. Dermira expects to begin phase III trials in the first half of 2015.

The company is also advancing DRM04, a topical anticholinergic for hyperhidrosis, for which it expects to share phase IIb data in the first half of next year, and DRM01, a topical sebum inhibitor for acne that will enter phase IIb testing during the same period.

Entities affiliated with UCB plan to purchase about $7.5 million in common shares at the offering price in a private placement concurrent with the closing of the IPO. Additional shareholders affiliated with Dermira's directors also indicated interest in purchasing up to $15 million of the IPO's shares.

Citigroup and Leerink Partners LLC are joint bookrunners, with Guggenheim Securities LLC and Needham and Co. LLC as co-managers. (See BioWorld Today, Aug. 29, 2014.)

FIBROGEN FILES

Fibrogen Inc., meanwhile, filed to raise up to $125 million. The San Francisco-based drug developer, which filed as an emerging growth company, said it plans to list on Nasdaq but has yet to settle on a trading symbol.

Fibrogen said it intends to use a portion of the IPO's net proceeds to advance its lead candidate, the Astellas Pharma Inc.-partnered oral prolyl hydroxylase inhibitor for anemia, roxadustat, or FG-4592, as well as advancing FG-3019, a phase II connective tissue growth factor inhibitor it's developing for the treatment of idiopathic pulmonary fibrosis, pancreatic cancer and liver fibrosis. (See BioWorld Today, Aug. 1, 2013.)

Goldman, Sachs & Co., Citigroup, Leerink Partners LLC, RBC Capital Markets, Stifel, Nicolaus & Co. Inc. and William Blair & Co. LLC are the offering's underwriters.

In other financings news:

Ignyta Inc., of San Diego, said it secured a $31 million term loan facility from Silicon Valley Bank, including initial funding of $21 million, about $11 million of which was used to repay the company's existing loan with Silicon Valley Bank. Ignyta could receive the additional $10 million under a conditional option, assuming it has initiated the phase IIa portion of the ongoing STARTRK-1 phase I/IIa study of lead candidate RXDX-101 prior to Sept. 30, 2015. RXDX-101 is an oral tyrosine kinase inhibitor designed to target multiple solid tumor indications.

Lightlake Therapeutics Inc., of London, said it closed investments totaling $1 million made by an undisclosed investor in exchange for a 0.98 percent interest in Lightlake's opioid overdose reversal product and a 1 percent interest in its product for binge eating disorder (BED). Lightlake is developing a nasal spray for the delivery of naloxone aimed at expanding its use and availability in preventing opioid overdose deaths. The company previously received an additional commitment from the National Institute on Drug Abuse (NIDA) and conducted, in collaboration with NIDA, a clinical study indicating that it can deliver naloxone into the bloodstream at least as quickly as the injection process. Meanwhile, phase II data from the BED program were presented at an American Psychiatric Association meeting.

Portola Pharmaceuticals Inc., of South San Francisco, said it commenced a public offering to raise gross proceeds of about $160 million, though the number of shares and share price have not been disclosed. Proceeds will be used for working capital and general corporate purposes, including R&D expenses and capital expenditures. Morgan Stanley and Credit Suisse are acting as the joint book-running managers for the offering. Portola's shares (NASDAQ:PTLA) gained nearly 30 percent Wednesday on positive top-line data from the first of two planned phase III studies testing universal factor Xa inhibitor antidose andexanet alfa. The firm's shares lost $2.82 Thursday to close at $26.50. (See BioWorld Today, Oct. 2, 2014.)

Radius Health Inc., of Waltham, Mass., said it's conducting an underwritten public offering of common stock, though it has not disclosed the number of shares or share price. Proceeds would fund the development of RAD1901 for the treatment of metastatic breast cancer and vasomotor symptoms, the development of other product candidates and for general corporate and working capital purposes. Jefferies LLC and Cowen and Co. LLC are acting as joint book-running managers. The offering comes only a few months after Radius went public via a $52 million initial public offering, in which it priced 6.5 million shares at $8 apiece. Shares (NASDAQ:RDUS) closed Thursday at $18.83, down 31 cents. (See BioWorld Today, June 9, 2014.)