Stemline Announces Plans to IPO

Stemline Therapuetics has announced their plans to raise up to $50 million in an IPO. JMP Securities and Oppenheimer have been selected as the banks.

The company hopes to begin a Phase IIb trial next year for two products:SL-401 (third-line acute myelogenous leukemia AML); and SL-701 for newly diagnosed brainstem glioma and second-line glioblastoma multiforme (GBM). Immunocellular (IMUC) is pursuing a similiar indication.  SL-401 is an IL-3 receptor targeting agent. SL-701 is a vaccine composed of alpha-type-1-polarized dendritic cells loaded with synthetic peptides for glioma-associated antigen epitopes plus adjuvant poly-ICLC

Researchers have identified Cancer Stem Cells (CSCs) as the highly malignant "seeds" of tumors, typically comprising 1-5% of the tumor, that give rise to the majority (95-99%) of other tumor cells known as the "tumor bulk".  While standard therapies, including chemotherapy and radiation, may initially shrink tumors by killing tumor bulk, the failure of these therapies to eradicate CSCs may be a major contributor to treatment failure, tumor relapse and poor survival.

Accordingly, we believe that new therapies designed to target CSCs, in addition to tumor bulk, may represent a major advance in the fight against cancer. This premise has formed the basis of our drug development strategy, as illustrated.