(Note: Structure Therapeutics, Inc., upsized its IPO at pricing on Feb. 2, 2023, by increasing the number of American Depositary Shares (ADS) to 10.74 million ADS – up from 8.95 million ADS – and pricing the IPO at $15.00 – the top of its $13.00-to-$15.00 range – to raise $161.1 million. Structure Therapeutics, Inc. disclosed its IPO terms in an S-1/A filing dated Jan. 30, 2023: 8.95 million American Depositary Shares at $13.00 to $15.00 to raise $125.3 million, if priced at the mid-point. Each ADS represents three ordinary shares. Structure Therapeutics filed its S-1 on Jan. 12, 2023, for an IPO with estimated proceeds of $100 million. No terms were disclosed. The Cayman Islands-incorporated company intends to offer American Depositary Shares (ADS) on the NASDAQ. The company, formerly known as ShouTi, Inc., submitted confidential IPO documents to the SEC on Feb. 14, 2022.)
We are a clinical stage global biopharmaceutical company aiming to develop and deliver novel oral therapeutics to treat a wide range of chronic diseases with unmet medical needs. Our differentiated technology platform leverages structure-based drug discovery and computational chemistry expertise and enables us to develop oral small molecule therapeutics for the treatment of various diseases including those impacting the metabolic, cardiovascular, and pulmonary systems.
Our initial focus is on G-protein-coupled receptors, or GPCRs, as a therapeutic target class. GPCRs regulate numerous diverse physiological and pathological processes, and approximately one in every three marketed medicines targets GPCR-associated pathways. By leveraging our world-class GPCR know-how, we aim to design differentiated small molecule therapies to overcome the limitations of biologics and peptide therapies targeting this family of receptors. We are developing GSBR-1290, our oral small molecule product candidate targeting the validated glucagon-like-peptide-1 receptor, or GLP-1R, for the treatment of type-2 diabetes mellitus, or T2DM, and obesity.
We completed our Phase 1 single ascending dose, or SAD, study of GSBR-1290 in September 2022. GSBR-1290 was generally well tolerated and demonstrated dose-dependent pharmacokinetics, or PK, and pharmacological, or PD, activity. We submitted an Investigational New Drug application, or IND, to the United States Food and Drug Administration, or FDA, to support initiation of a Phase 1b proof-of-concept study in T2DM and obesity and received FDA allowance in September 2022. We initiated the Phase 1b multiple ascending dose, or MAD, study in January 2023 and plan to submit a protocol amendment to the FDA to transition to a Phase 2a proof-of-concept study in T2DM and obesity with expected initiation in the second half of 2023. We expect to report topline data for the Phase 1b study and Phase 2a study in the second half of 2023.