Kim Kamdar, Lindsay Sharma, Lea Hachigian and Nandita Shangari see companies they've been involved with go public
From our Women's PE Briefs - week commencing July 19, 2021
A company on whose board Domain Associates’ Kim Kamdar has served goes public
A company on whose board Domain Associates’ Kim Kamdar has served for the past 10 years goes public. Sera Prognostics raised $75 million by offering 4.7 million shares priced at $16 a share. It is listed on Nasdaq under the symbol SERA.
Based in Salt Lake City, Sera is developing diagnostic tests for pregnancy complications. Its commercial product, the PreTRM test, is the only broadly validated, commercially available blood-based biomarker test that accurately predicts the risk of premature delivery. The test is given to pregnant women during weeks 19 or 20 of gestation and provides a prediction of the mother’s risk of delivering spontaneously before 37 weeks.
Sera’s board also includes Elizabeth Canis, vice president, emerging businesses and partnerships at Anthem. Since its founding in 2008, Sera has raised $250 million, according to Crunchbase. Domain had a 9.9 percent pre-IPO stake. Blue Ox Healthcare Partners was the largest shareholder with a 17.1 percent pre-IPO stake. ATH Holding Company held 11.9 percent while InterWest Partners had a 9.8 percent stake.
Earlier this year, another of Kim’s companies, Singular Genomics, went public on Nasdaq. Kim is a partner with Domain, but also last year joined Adjuvant Capital as a partner. She also serves on the boards of Epic Sciences; Truvian Sciences, Inc.; Alume Biosciences; Pleno, Inc.; Seraphina Therapeutics, Inc., which was co-founded by Dr. Stephanie Venn-Watson; and two publicly traded companies, Evofem Biosciences and Obalon Therapeutics.
A SPAC that Lindsay Sharma is CIO of announces it will combine with ServiceMax
A special purpose acquisition company, whose chief investment officer is Industry Ventures’ Managing Director Lindsay Sharma, has found a company to combine with and bring public. Pathfinder Acquisition Corp., which went public in February, will merge with ServiceMax, Inc., a maker of software for field-service technicians. The transaction will result in ServiceMax receiving $335 million in cash in trust from Pathfinder – which was sponsored by Industry Ventures and private equity firm HGGC. ServiceMax will use a portion of the cash – $145 million – to acquire LiquidFrameworks, Inc., a portfolio company of Hollie Haynes’ Luminate Capital. (See Story in Dish on the Deal). Once the merger with Pathfinder is complete, ServiceMax will be valued at about $1.4 billion and will be traded on Nasdaq under the ticker SMAX. ServiceMax had received backing from Silver Lake, General Electric Co. and Salesforce Ventures – all of whom will be retaining their entire equity ownership.
Lindsay joined Industry in 2014 and leads Industry’s tech buyout strategy and concentrates on originating, valuing and managing primary fund commitments and direct co-investment opportunities. San Francisco-based Industry makes primary fund investments, secondary investments and direct co-investments.
Longwood Fund’s Lea Hachigian and Novartis Venture Fund’s Nandita Shangari see TScan Therapeutics go public
TScan Therapeutics, which the Longwood Fund’s Lea Hachigian was involved in founding and leading and whose board previously included the Novartis Venture Fund’s Nandita Shangari, goes public. The Waltham, Mass. biotech company raised $100 million by offering 6.7 million shares at $15 a share. It is listed on Nasdaq under the symbol TCRX. Founded in 2018, TScan is developing engineered T cell cancer therapies to treat hematological and solid tumors.
Baker Brothers was the largest shareholder prior to the offering with a 24.7 percent stake. Novartis Ventures owned 10.4 percent while Longwood had 6.6 percent – the same as Bessemer Venture Partners. 6 Dimensions Capital held 9 percent and the Hillhouse Venture Fund had 7.4 percent.
Lea, who is an entrepreneur in residence with Longwood, served for a time as president of TScan. She was also involved in founding firm portfolio companies Be Biopharma, ImmuneID, Inc. and Immunitas Therapeutics. She served as CEO of ImmuneID, president of Immunitas and is vice president of strategy at Be Biopharma.
Nandita, a principal with the Novartis Venture Fund, stepped off TScan’s board earlier this year. She is also an observer on the boards of GentiBio and Immunitas Therapeutics.
TScan’s board also includes Katina Dorton, who is chief financial officer of Nodthera, Ltd., and Dr. Gabriela Gruia, who most recently served as chief development officer at Ichnos Sciences.
Omega Funds’ Dina Chaya sees Imago BioSciences go public
Imago BioSciences, whose board includes Omega Funds advisor Dina Chaya, goes public. The South San Francisco, Calif. company raised $134 million by offering 8.4 million shares at $16 a share. It is listed on Nasdaq under the symbol IMGO.
Imago is developing small molecules for bone marrow cancers and diseases. It is specifically focusing on product candidates that target lysine-specific demethylase 1, or LSD1, an enzyme that plays a central role in the production of blood cells in the blood marrow. Dina has served on Imago’s board since March 2019.
Omega was the third largest shareholder prior to the offering with a 12.3 percent stake. Clarus Partners was the largest shareholder with a 14.4 percent stake and Frazier Healthcare Partners held 12.4 percent. Other investors in the company included BlackRock, Celgene Corp., Farallon Capital Management, T. Rowe Price and Amgen Ventures.
In 2020, another company on whose board Dina served, Spruce Biosciences, went public. In addition to her role with Omega, Dina is also a partner with NeoMed Management, which has a relationship with Omega. She is also on the board of Oxular, Ltd.
In 2019, Omega closed its sixth fund at $438 million. Based in Boston, Omega creates and invests in life science companies that target the most urgent medical needs.
A portfolio company of ARCH’s Kristina Burow and Cormorant’s Bihua Chen goes public
A company that ARCH Venture Partners’ Kristina Burow and Cormorant Asset Management’s Bihua Chen helped lead their firms into goes public. Erasca raised $300 million by offering 18.8 million shares at $16 a share. It is listed on Nasdaq under the symbol ERAS.
Based in San Diego, Erasca is dedicated to advancing new scientific approaches to erase cancer. The company has developed an artificial intelligence platform that was created to drive the discovery and development of a new generation of oncology drugs designed to not just treat, but cure cancer.
Cormorant and ARCH both took part in Erasca’s Series A round, which included closings in late 2018 and in early 2019. In making that investment, Kristina said that she felt “confident in Erasca’s potential to make a significant impact on patient outcomes with their corporate development capabilities, cutting-edge drug discovery platform and highly capable team.” ARCH and Cormorant then led the company’s $200 million Series B round a year ago.
ARCH owned 11.2 percent of the company, prior to the offering while Cormorant owned 9.7 percent. City Hill, LLC was the largest shareholder with a 12.1 percent pre-IPO stake.
Bihua joined Erasca’s board earlier this year as did Dr. Julie Hambleton, the interim president and CEO of Arch Therapeutics, Inc. Erasca’s board also includes Val Harding, principal and advisor at Start Pharma Consulting, LLC.
Kristina is not on Erasca’s board. She is on the boards of Vividion Therapeutics, Boundless Bio, Autobahn Therapeutics, ROME Therapeutics, Boragen, AgBiome and five companies that are publicly traded: Beam Therapeutics, Gossamer Bio, Metacrine, Scholar Rock and Unity Biotechnology.
Cormorant has now had at least 17 companies go public in 2021. They are: GH Research; Monte Rosa Therapeutics; Elevation Oncology; Aerovate Therapeutics, Inc.; Verve Therapeutics; Centessa Pharmaceuticals; Rain Therapeutics, Inc.; VectivBio Holding; Biomea Fusion; Prometheus Biosciences, Inc.; Design Therapeutics; Edgewise Therapeutics; Ambrx, Inc.; Pharvaris, which Anne Lesage co-founded; Graphite Bio, whose scientific co-founders include Dr. Maria Grazia Roncarolo; and Talaris Therapeutics, Inc., which was founded by Dr. Suzanne Ildstad. It also has another, Tango Therapeutics, which is set to go public through a merger with a special purpose acquisition company. Tango’s CEO is Dr. Barbara Weber. The firm also has three companies in registration to go public: Icosavax, Inc., Immuneering Corp. and Artiva Biotherapeutics, Inc.
Alexa Bartlett sees a General Atlantic portfolio company file to go public
Alexa Bartlett, a vice president with General Atlantic, is on the board of a firm portfolio company that has filed to go public – a company that Mei Shi was involved in leading General Atlantic into. European Wax Center is seeking to raise $100 million and list on Nasdaq under the symbol EWCZ.
Based in Hallandale, Fla., European Wax Center is a franchisor and operator of out-of-home waxing services. It has centers in 808 locations – 803 of which are franchised – in 44 states. For the 12 months ended March 31, it generated $107 million in revenue.
General Atlantic made an undisclosed strategic investment in the summer of 2018. Following that investment, Mei joined the company’s board. She served on the board until last year when she left General Atlantic to become a vice president with Francisco Partners. Alexa has been on EWC’s board since last year. She joined General Atlantic last year after being a vice president at Warburg Pincus.
EWC’s board also includes Laurie Ann Goldman, who was most recently CEO of Avon North America.
Cornell Capital’s Justine Cheng sees Knowlton Development Corporation file to go public
Knowlton Development Corporation, which is chaired by Cornell Capital Partner Justine Cheng, files to go public in both the United States and Canada. The Longueuil, Quebec maker of home and personal care products is seeking to raise $100 million and list on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol KDC.
Knowlton provides value-added solutions to brands in the beauty, personal care and home care categories. Over the past three years, it has been responsible for co-developing more than 9,000 products. For the 12 months ended April 30, it had sales of $2.1 billion. Cornell acquired Knowlton, also known as KDC/One, in 2018 along with Caisse de dépôt et placement du Québec, Investissement Québec and HarbourVest Partners. In 2019, the company did two add-on acquisitions and in 2020 it did three more.
Justine, who joined Cornell in 2016 as a founding partner, is also chair of INW: Innovations in Nutrition + Wellness and on the board of Instant Brands. She is also on the boards of two special-purpose acquisition companies led by another member of Knowlton’s board, Joanna Coles. One of those SPACs, Northern Star Acquisition Corp., merged with BarkBox, a subscription service for dog supplies co-founded by Carly Strife. Joanna is also executive producer of ABC Freeform’s “The Bold Type.”
Knowlton’s board also includes Valarie Sheppard, who previously led Procter & Gamble’s global finance, accounting and treasury team, and Marie Josée Lamothe, who is a professor of practice at McGill University and former managing director of Google Canada.