Adarx Pharmaceuticals Inc. has submitted an application for an initial public offering in the United States, aiming to secure funding for the advancement of its pipeline of drugs designed to treat a range of diseases by modulating gene expression. According to a filing with the U.S. Securities and Exchange Commission on Friday, the company plans to use the proceeds from the offering to push forward five small interfering RNA drug candidates in clinical or preclinical stages, including completing a Phase 2 trial for a treatment targeting rare kidney and other disorders.

The filing highlights that these therapies tackle diseases at the genetic level without altering the human genome or DNA. In May of the previous year, pharmaceutical giant AbbVie paid Adarx an upfront fee of $335 million as part of a collaboration agreement, with the potential for billions more in milestone payments if Adarx achieves development targets in areas such as neuroscience, immunology, and oncology.

Among Adarx's largest investors are specialized healthcare investment firm OrbiMed Advisors, Lilly Asia Ventures, CEO Zhen Li, and SR One, with OrbiMed holding a 31% stake prior to the offering. Bain Capital Life Sciences and TCGX led a $200 million Series C funding round in 2023, drawing in new backers such as BlackRock, Invus, Marshall Wace, and T. Rowe Price Group Inc. The offering is being led by JPMorgan, Morgan Stanley, TD Securities, UBS Group, and LifeSci Capital. The company expects its shares to list on the Nasdaq Global Market under the ticker symbol ADRX, with Atrium Therapeutics as a key reference point for its RNA-focused pipeline.