Attovia Therapeutics raises $289 million in IPO to fund anti-itch drug development

Attovia Therapeutics completed an initial public offering that generated $289 million in gross proceeds. The company sold 17 million shares at $17 each, exceeding its original target of $182.4 million. Underwriters have an option to purchase an additional 2.5 million shares, which could add about $43.3 million to the total.

The Silicon Valley biotech, founded only three years ago, has already completed three private fundraises and reported phase 1 data for its lead candidate. The IPO adds to a string of successful biotech listings on the Nasdaq this year.

Management said the capital will be used to launch two large phase 2 trials next year for ATTO-1310, an engineered biologic that blocks interleukin-31, the cytokine that drives itch. The studies will target chronic pruritus of unknown origin and a subset of atopic dermatitis patients with severe itch.

Attovia aims to position ATTO-1310 as a competitor to Dupixent, hoping to capture a share of the growing market for itch-relief therapies.