QuickView: Successful IPO to advance beloranib
In June 2014, Zafgen raised net proceeds of $103m from a 6.9m share initial public offering (IPO) at $16 per share. Studies for obesity drug beloranib ranging from Phase IIa to Phase III are planned through 2015. Zafgen plans to conduct a Phase IIb study before starting Phase III in the general population setting. Lacklustre sales of newly marketed obesity drugs from Arena and Vivus support a long-term opportunity, given beloranib’s unique mechanism of action, and favourable data to date.Zafgen is a clinical-stage biopharmaceutical company utilizing its proprietary methionine aminopeptidase 2, or MetAP2, biology platform to develop therapies for patients affected by complex metabolic diseases. The company's primary product candidate is ZGN-1061, a fumagillin-class MetAP2 inhibitor administered by subcutaneous injection, which is being profiled for its utility in the treatment of type 2 diabetes. The company also has initiated development of a second MetAP2 development candidate, ZGN-1258, which is administered by subcutaneous injection.
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