LLY Eli Lilly and Co

By Josh Beckerman 

Protagonist Therapeutics Inc., a biopharmaceutical company focused on treatments for gastrointestinal disorders, has disclosed plans for an initial public offering.

The Milpitas, Calif., company filed confidential IPO paperwork in May.

Protagonist said it believes its lead drug candidates, PTG-100 and PTG-200, "have the potential to transform the existing treatment paradigm" for inflammatory bowel disease. The company said its oral peptide drug candidates provide more targeted delivery than injectable drugs.

PTG-100 has completed a Phase 1 clinical trial, while PTG-200 is in preclinical development. The company hasn't yet generated any revenue from product sales.

A year ago, Protagonist raised $40 million of Series C financing. Its largest shareholders are Canaan Partners, Johnson & Johnson Development Corp. and Lilly Ventures

The company intends to trade on Nasdaq under the symbol PTGX. Protagonist filed to offer up to $75 million but that is a placeholder amount likely to change.

Underwriters include Leerink Partners, Barclays and BMO Capital Markets.

In a slow first quarter for U.S. IPOs, the biotech sector accounted for a large percentage of market debuts. The broader IPO market improved during the second quarter.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

July 11, 2016 18:24 ET (22:24 GMT)

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