Electra Therapeutics plans $341.9M IPO to fund Phase III trial for hyperinflammatory syndrome drug
Electra Therapeutics has announced its intention to raise up to $341.9 million through an initial public offering (IPO) on the Nasdaq under the ticker symbol ETRA. The funds will primarily support the advancement of ipsoprubart, a monoclonal antibody in Phase II/III trials for secondary haemophagocytic lymphohistiocytosis (sHLH), a severe hyperinflammatory syndrome. The IPO includes 21,666,667 shares priced between $14 and $16 each. If the midpoint price of $15 is reached, Electra will raise approximately $325 million before underwriters' options are exercised. The company plans to use $220 million for clinical development and regulatory activities related to ipsoprubart, with additional funds allocated toward trials in T/NK cell malignancies ($25M) and the advancement of its other asset ELA822 ($50M). This IPO follows a successful Series C funding round last year that raised $183 million. The biotech sector has seen strong investor interest this year, with notable IPOs from Kailera Therapeutics and Parabilis Medicines.
Tickers: $ETRA
Topics: biotechnology drug development hyperinflammatory syndrome ipo