BlossomHill and Latigo Biotherapeutics raise over 30% beyond IPO targets

Two emerging biotech companies surpassed their initial public offering expectations on Friday, with both BlossomHill Therapeutics and Latigo Biotherapeutics raising at least 30% more capital than projected.

BlossomHill closed its offering with $150 million in proceeds, well above the $111.7 million it had targeted. The company increased its share count to 9.375 million at $16 each and may sell an additional 1.4 million shares, potentially adding $22.5 million to the total. It plans to allocate $70 million to advance its lead macrocyclic EGFR‑targeting candidate, BH‑30643, currently in a phase 1/2 trial for non‑small cell lung cancer, and $20 million to support an investigational CLK inhibitor for acute myeloid leukemia.

Latigo Biotherapeutics also reported an oversubscribed debut, exceeding its fundraising goals by a similar margin, though specific figures were not disclosed. Both companies aim to use the additional capital to accelerate development pipelines and expand their market presence.