Wilson Sonsini Advises on Flame Biosciences’ $100 Million Common Stock Financing

On September 30, 2020, Flame Biosciences, a clinical-stage biopharmaceutical company developing antibodies to treat cancer and inflammatory diseases, announced the completion of a $100 million common stock financing. The financing was led by Rock Springs Capital, with participation from funds and accounts advised by T. Rowe Price Associates, Inc., Cormorant Asset Management LP, Janus Henderson Investors, Surveyor Capital, Samsara BioCapital, Adage Capital Management LP, Terra Magnum Capital Partners, Logos Capital, and Acuta Capital Partners. Wilson Sonsini Goodrich & Rosati advised Terra Magnum Capital Partners in the financing.

According to the press release, proceeds from the financing will be used to progress clinical trials and secure additional business development opportunities. Currently, Flame is developing monoclonal antibodies that bind and neutralize interleukin-1β (IL-1β) with the intention of treating multiple diseases, most notably cancer. Clinical data has found IL-1β to be a key mediator of chronic inflammation—a facilitator of tumor formation and progression—and that FL-101, Flame’s IL-1β neutralizing antibody, has the potential to effectively treat cancer. FL-101 will enter the clinic in the first half of 2021 for proof-of-concept testing in patients with non-small cell lung cancer. Based on both preclinical and clinical data, Flame believes FL-101 has potential best-in-class attributes. 

The Wilson Sonsini team that advised Terra Magnum Capital Partners in the financing was led by partner Dan Koeppen and associate Meg Burton.