Codiak BioSciences (CDAK) has filed to raise $82.5 million from the sale of its common stock in an IPO, according to an amended registration statement.
Cambridge, Massachusetts-based Codiak Biosciences was founded in 2015 to develop new exosome-based allogeneic therapies – “therapies derived from human cells that can be used in any patient.”
Management is headed by President, CEO and Director Douglas E. Williams, who has been with the firm since its inception and was previously Executive Vice President Research and Development at Biogen.
Codiak has developed the engEx Platform, a proprietary platform for the engineering and manufacturing of exosomes with “intentionally chosen properties, to incorporate various types of biologically active molecules, including small molecules, nucleic acids, proteins, antibodies, enzymes, cytokines and complex ligands, and to be directed to specific cell types and tissues.”
Management believes engEx to be easily expandable to support siRNA, miRNA, mRNA, ASO and CRISPR, “to engage targets in a broader range of tissues and cells than currently possible.”
“Exosomes are vesicles released and taken up by all cells and convey and protect complex biologically active molecules that can alter the function of recipient cells” – they “facilitate intercellular communication by transmitting macromolecules between cells.”
The company’s lead drug candidate is exoSTING, an exosome therapeutic for the treatment of solid tumors that is “designed to target [antigen presenting cells] and acts by targeting the small molecule stimulator of interferon genes, or STING pathway, which has been preclinically validated as an attractive target for eliciting an anti-tumor immune response.”
Management believes that the widespread use of free STING small molecule agonists as therapeutics has been hindered by the lack of selectivity and systemic toxicity caused by a leakage out of the tumor which its exoSTING could overcome.
Below is the current status of the company’s drug development pipeline: