Ventyx Bio shares jump 31% on first trading day

0

Encinitas-based Ventyx Biosciences joined the San Diego public new companies group on Thursday, raising nearly $ 152 million to research drugs for psoriasis, Crohn’s disease and other conditions.

The company sold nearly 9.5 million shares at $ 16 each, the midpoint of its projected price range. The stock had a good first day of trading, gaining 31% to close at $ 21.02 on the Nasdaq.

Ventyx is at least the 15the The San Diego area startup will be made public this calendar year. Many of these companies are in the life sciences industry and are years away from having a drug ready to seek regulatory approval.

However, life sciences remain a hot sector, with strong demand from specialist investors accustomed to the risk linked to the history of biotechnology that a large number of drug candidates will end up failing.

Ventyx, which employs 23 full-time people, focuses on a handful of small molecule treatments for patients living with inflammatory diseases and autoimmune disorders.

Managing Director Raju Mohan worked with New Science Ventures to combine the therapeutic portfolios of Oppilan Pharma, Zomagen Biosciences and Ventyx under one roof and bring the company public.

The company raised $ 165 million before the IPO from New Science Ventures, venBio Partners, Third Point and Surveyor Capital – a Citadel company.

Ventyx has therapeutics in early clinical trials for diseases such as inflammatory bowel disease, psoriatic arthritis, and lupus. He also has a candidate being tested to treat ulcerative colitis.

Based on preclinical data, other continued therapies could potentially have utility against Alzheimer’s disease, Parkinson’s disease, amyotrophic lateral sclerosis and MS, according to the company’s prospectus.

Ventyx’s board of directors includes Executive Chairman Sheila Gujrathi, former CEO of Gossamer Bio.

The company’s shares trade under the ticker symbol VTYX. Jefferies, Evercore ISI and Piper Sandler are acting as book co-managers for the offering. LifeSci Capital is also acting as underwriter for the offer.


Source link

Leave A Reply

Your email address will not be published.