City Therapeutics completes $200 million IPO, earmarks funds for RNAi therapies
City Therapeutics, based in Cambridge, Massachusetts, launched an IPO raising $200 million, exceeding its original target of 9.7 million shares at $17-$19 per share.
The company sold 11.1 million shares at $18 each, with potential for an extra 1.7 million shares that could add about $30 million more.
Proceeds are allocated to its pipeline: $30 million for the Factor XI‑targeting RNAi candidate CITY‑FXI moving from Phase 1 to mid‑stage trials in post‑knee‑surgery patients, $20 million for a GalNAc‑siRNA program CITY‑RBP4 aimed at Stargardt disease, and $40 million for additional development work.
This writeup was produced by pharmadog from original reporting by Fierce Biotech.
Original headline: “City goes public with $200M IPO, while Frazier Life Sciences takes biotech-focused SPAC to Nasdaq”
read at Fierce Biotech ↗
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