Latigo Biotherapeutics raises $345.6M in IPO to fund non-opioid pain drug pipeline

Latigo Biotherapeutics, a Los Angeles-based biotech focused on non-opioid ion-channel-blocking pain therapies, completed an initial public offering on Thursday.

The company sold 19.2 million shares at $18 each, generating gross proceeds of about $345.6 million, which it said exceeded initial investor interest expectations.

Latigo’s shares will begin trading on Nasdaq under the ticker “LTGO.” The debut adds to a recent surge of large biotech IPOs, with four companies going public the same week, reflecting renewed confidence in the sector after a prolonged downturn.