Stanford spinout Bolt Biotherapeutics has raised more than twice as much as originally planned in an offering that also provided exits for corporates Pfizer, Novo and Fan Fung.
Bolt Biotherapeutics, a US-based oncology therapy spinout of Stanford University, went public on Friday after issuing 11.5 million shares priced at $20 to raise $230m in proceeds.
Shares surged more than 60% to close at $32.15 on the first day of trading on the Nasdaq Global Select Market, where the spinout is now listed under the ticker symbol BOLT. The company initially aimed for $100m in proceeds when it filed its draft prospectus last month.
Founded in 2015, Bolt is working on antibody drug conjugates aimed at cancer.
It will use $100m of the proceeds to complete an ongoing phase 1/2 trial as well as initiate and complete another phase 1/2 trial and up to three phase 2 studies for its lead asset BDC-1001, which targets solid tumours expressing the HER2 protein.
Another $20m has been allocated to investigational new drug-enabling studies, chemistry, manufacturing…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
