Biotech IPOs In The Time Of Coronavirus

With COVID-19 dominating the news cycle, it is no wonder that biotech is front and center in people’s minds. Almost every day, we see news from companies like Moderna Inc. (MRNA), Gilead Sciences Inc. (GILD), Sorrento Therapeutics Inc. (SRNE), and many other companies racing to create a vaccine.

And even during this difficult time, the demand and need for vaccines and medical cures is so large that stock prices are jumping and companies are raising massive amounts of money.

Pliant Therapeutics Inc. (PLRX) shares jumped over 50% in early July, and shares of Legend Biotech Corp. (LEGN) similarly jumped 61% on its market debut. Legend’s jump is not so surprising, as its Phase 1b/2 trial for cell therapy to treat multiple myeloma found that 100% of its 29 patients treated responded positively.

Biotech IPOs have also helped drug developers raise over $5 billion so far this year, and it doesn’t look like it will slow down.

This is why we are keeping an eye on most of the most recent biotech IPO’s

Relay Therapeutics Inc. (RLAY) went public mid-July and raised $400 million in an upsized IPO.

This will help them push its pipeline forward in oncology. Relay is working to understand how proteins move along with how changes in their shape and structure can affect their function. This information will be used to create new drugs that can modify these changes to treat cancer. Relay is transforming the drug discovery process with an initial focus on enhancing small molecule therapeutic discovery and already has several drugs in the pipeline.

According to its S-1 filings, it is recruiting for a phase 1 clinical trial for RLY-1971, which would treat patients with solid tumors. It also has completed the Investigational New Drug process, enabling activities for RLY-4008, its inhibitor of fibroblast growth factor receptor 2 and expect to initiate a Phase 1 clinical trial in the second half of 2020.

This is only the start for them, with other studies coming in 2021.

1 2
View single page >> |

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.