PROVIDENCE — Ocean Biomedical, a preclinical biotech company founded by Brown University’s Dean of Medicine Dr. Jack Elias and his colleague Dr. Jake Kurtis, is getting ready to go public.
University and company officials call it Brown’s first IPO bioscience “spin-off.”
The company, which was founded in 2019 and is based in Providence, said in its latest filings that it plans to raise $50 million by offering 6.3 million shares at $7 to $9 per share. Previously, the company filed to offer 3.2 million shares at $14 to $17 each.
A pricing day has not yet been scheduled.
The company plans to list on the Nasdaq under the symbol OCEA.
In their latest filings, which were revised July 26, the company’s mission statement states that it seeks to bridge the “bench-to-bedside” gap between medical research discoveries and patient solutions.
“We believe that our differentiated business model positions us to capture inventions created at these institutions that might otherwise fail to be commercialized to benefit patients,” read the statement.
According to filings, the company is pursing preclinical programs in infectious disease, fibrosis, oncology, and inflammation that have been licenses directly or indirectly from Brown, Rhode Island Hospital, and Stanford University.
The company’s preclinical pipeline includes various humanized monoclonal antibodies for the treatment of non-small cell lung cancer and glioblastoma multiforme, a malaria vaccine, two malaria therapeutics, and a small molecule for the treatment of Idiopathic Pulmonary Fibrosis.
Elias, who is also a key player in Rhode Island’s potential academic health system between Brown University, Lifespan Corporation and Care New England Health System, has said previously that he hopes the next medical school dean can look out of their window in Providence’s jewelry district and see a “sea of biomedical companies.”
Local health care industry leaders told the Globe they hope that taking Ocean Biomedical public will be he start of a bioscience sector in greater Providence.
According to Ocean Biomedical’s website, the company has also built a team of physicians, scientists, and business leaders to work with the two founders.
Dr. Chirinjeev Kathuria, who co-founded and co-chaired UpHealth Holdings, Inc. (valued at $1.35 billion), will lead the company as executive chairman. Ocean Biomedical is controlled by Kathuria’s company Poseidon Bio LLC. After going public, Poseidon would have 87 percent of the voting power of Ocean Biomedical.
Elizabeth Ng, who has served as the vice president of strategy and business development at Bioelectric Devices since 2018, will serve as chief executive officer.
Alexa Gagosz can be reached at alexa.gagosz@globe.com. Follow her @alexagagosz and on Instagram @AlexaGagosz.