A budget biotech you likely never heard about is setting a course for Wall Street with some modest ambitions

A low-profile biotech founded by an exec with some deep roots in California biotech has mapped out plans for a very modest-sounding IPO.

Monopar Therapeutics is making a $40 million IPO play out of San Diego, where it’s been working on a handful of drugs. The pipeline includes validive for severe oral mucositis induced by chemoradiotherapy in head and neck cancer patients and camsirubicin, a cancer drug aimed at soft tissue sarcoma.

The biotech nabbed the license on validive from France’s Onxeo in 2017 after Phase II and plans to hustle ahead into Phase III toward the end of this year. And they got it for a mere $1 million down and up to $108 million in milestones.

Total operating costs last year, including $1.7 million for R&D: $3.4 million.