Israel-based Ayala Pharma To Debut On Nasdaq On May 7

(RTTNews) - Israel-based Ayala Pharmaceuticals is slated to debut on the Nasdaq Global Select Market, under the symbol 'AYLA', on May 7, 2020.

Founded in 2017, Ayala Pharma is a clinical-stage oncology company developing small molecule therapeutics for patients suffering from rare and aggressive cancers.

The company plans to offer 3.33 million shares of its common stock, priced between $14 and $16 per share, in its initial public offering.

The underwriters have an option for 30 days to purchase 500,000 additional shares of common stock.

Underwriters of the IPO:

Citigroup Global Markets Inc., Jefferies LLC, Oppenheimer & Co. Inc., Raymond James & Associates, Inc.

Pipeline and Near-term Catalysts:

The company's lead product candidate is AL101, an injectable small molecule gamma secretase inhibitor (GSI).

AL101 is currently in a phase II trial for the treatment of recurrent/metastatic adenoid cystic carcinoma patients with Notch-activating mutations, dubbed ACCURACY. The company announced encouraging interim data from the ACCURACY trial last month.

Ayala acquired worldwide rights to develop AL101 from Bristol-Myers Squibb Company (BMY) in late 2017.

The second product candidate is AL102, an oral gamma secretase inhibitor, for the treatment of desmoid tumors.

The company has a collaboration agreement with Novartis to develop AL102 for the treatment of multiple myeloma.

Near-term Catalysts:

-- Additional results from the phase II ACCURACY trial of AL101 are expected in the second half of 2020.

-- A phase II trial of AL101 as monotherapy for the treatment of recurrent/metastatic triple negative breast cancer patients with Notch-activating mutations is expected to be initiated in mid-2020.

-- A phase II trial of AL101 for the treatment relapsed/refractory T-cell acute lymphoblastic leukemia is expected to be initiated in the second half of 2020.

-- A phase II clinical trial of AL102 for the treatment of desmoid tumors is planned for initiation in second half of 2020.