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Tokai Files IPO to Fund Prostate Medication
- Updated: August 12, 2014
Now, with galeterone, that experimental drug on the precipice of its late stage trial, the company is heading to Wall Street.
Tokai, based in Cambridge, Massachusetts filed it outlining plans for an initial public offering to raise as much as $75 million.
The company says it will use the majority of the IPO cash to fund galeterone’s clinical development. Should the company go public, it would trade under the symbol TKAI on Nasdaq.
Tokai was founded around the work of Vincent Njar and Angela Brodie from the University of Maryland.
The company hopes are revolving around galeterone, which the company hopes will be able to break into an increasingly crowded sector of treatments for prostate cancer.
While Tokai has been in the development stage of galeterone, both Johnson & Johnson and Astellas/Medication have won approval from the FDA for oral prostate cancer medications known as Zytiga and Xtandi respectively.
The two medications have changed the paradigm for prostate treatment and now are earning a combined $2 billion annually.
Both of the drugs have shown benefits to the patients after not only chemotherapy treatment but also prior to it.
Tokai says that galeterone is a combination of therapies in one. The drug uses the same tactics that both the other pills use, while also blocking a hormone that feeds tumors in prostate cancer in three ways.
Tokai says the combination strategy could give it efficacy advantages over other drugs used to treat prostate cancer.
Given how the drug has been designed to work, as well as the intensely competitive prostate cancer field, Tokai is looking to find a niche first for itself in treating patients with prostate cancer whose cells in the tumor have an altered androgen receptor, which is a group Tokai says, might not be treated effectively by the current drugs.