City Therapeutics raised about $200 million in an upsized IPO, selling 11.1 million shares at $18 each—up from its initial plan of roughly 9.7 million shares. The amount is before underwriting discounts and other expenses.
The Cambridge, Massachusetts-based clinical-stage biotech develops RNA interference (RNAi) medicines, which aim to silence disease-related genes.
Proceeds are intended to advance three programs:
CITY-FXI for clotting-related diseases, CITY-RBP4 for Stargardt and other retinal diseases, and CITY-TFR2 for anemia associated with chronic disease.
Reports say planned allocations include about $30 million for CITY-FXI, $20 million for CITY-RBP4, and $40 million for CITY-TFR2, with additional funding for platform development and preclinical research.
The company listed on Nasdaq under ticker CTY. Underwriters also received an option to purchase additional shares.
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