Virginia Tech spinout Landos Biopharma priced its shares at $16 to raise $100m and will use proceeds to advance the development of two treatments for inflammatory bowel disease.
Landos Biopharma, a US-based autoimmune disease treatments developer based on research at Virginia Tech, issued nearly 6.3 million shares priced at $16 on Wednesday to raise $100m in its initial public offering.
The pricing marks the midpoint of a $15 to $17 range and gave Landos a market value of $650m. It began trading on the Nasdaq Global Select Market yesterday using the ticker symbol LABP, with shares dropping to $12.50 at close.
Founded in 2017, Landos is focused on inflammatory bowel disease and has two programmes in clinical trials, BT-11 and NX-13, that are aimed at Crohn’s disease and ulcerative colitis.
It is also exploring applications for the assets in other conditions and has additional discovery and preclinical programmes for diseases such as Lupus, type 1 diabetes, multiple sclerosis, Alzheimer’s and rheumatoid arthritis.
Landos is led by chairman, president and chief executive Josep Bassaganya-Riera,…
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).
