Finance Watch: Biotech Stocks Stabilize At The End Of A Rocky Week
Values Still Down Sharply Year-To-Date
Public Company Edition: Valuations have fallen enough in 2022 to lead some companies to wind down operations, but a recent uptick opened a window for a few offerings. Chinook raised $105m in a follow-on offering, while Flagship led a $79.2m registered direct offering for Evelo.
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While Orphazyme's attempts to get approval for arimoclomol failed miserably, new owner KemPharm is confident it can get the oral heat shock protein amplifier across the regulatory finishing line for Niemann-Pick disease type C.
Public Company Edition: Applied Molecular Transport, Scholar Rock, Agios and others join many of their peers in revising their strategies and downsizing their teams. Also, Zentalis grossed $200m from a follow-on offering and OKYO Pharma went public in the year’s smallest biopharma IPO in the US.
Vancouver biotech is building a pipeline of candidates for rare, severe chronic kidney disease. It has an oral drug in Phase III and an antibody candidate in mid-stage development for IGA nephropathy.