Israel’s Ayala Pharmaceuticals on Friday filed a prospectus with the US Securities and Exchange Commission to go public in New York.
The firm is looking to raise $50 million on the Nasdaq Global Market under the ticker AYLA.
The filing is a preliminary step before going public; the shares are not yet for sale and the filing could change before the actual initial public offering.
Ayala’s listed underwriters are Citigroup, Jefferies Financial Group, Oppenheimer Holdings and the Raymond James banking company.
The oncology company develops therapeutics for rare and aggressive cancers, including drugs for adenoid cystic carcinoma, triple negative breast cancer, multiple myeloma and T-ALL, a rare form of leukemia.
In May 2019 the firm secured $30 million in a series B funding round, and has raised $46.3 million since its founding. Investors include the Novartis healthcare company, the Bristol-Myers Squibb pharmaceutical company, Israel Biotech Fund, aMoon Fund and Harel Insurance.
Last year the company reported a net loss of $17.8 million, and an accumulated net loss of $40.7 million, and has not profited from any product. It has several drugs undergoing clinical trials.
Ayala plans to use the public funding mainly to advance clinical trials for its leading drugs. The firm was founded in 2017 and is based in the central city of Rehovot.