A lit­tle-known biotech run­ning low on cash looks to get its own $100M IPO from pan­dem­ic mar­ket

It’s been heady for biotechs break­ing in­to a pan­dem­ic stock mar­ket: $233 mil­lion for ADC Ther­a­peu­tics, $165 mil­lion for Zen­tal­is, and $120 mil­lion for ORIC. Now a com­pa­ny that emerged from stealth just 8 months ago — and is now run­ning low on cash — is try­ing to get in on the 9-fig­ure game.

South San Fran­cis­co-based Ap­plied Mol­e­c­u­lar Trans­port has filed for a $100 mil­lion IPO. Found­ed and led by long­time life sci­ences con­sul­tant Tahir Mah­mood, the com­pa­ny builds oral drugs around a car­ri­er mol­e­cule that can cross pro­tec­tive lin­ings in­to the im­mune-cell heavy ar­eas of the gut. They de­buted in Sep­tem­ber, af­ter they be­gan dos­ing Phase I for their lead pro­gram, an ul­cer­a­tive col­i­tis drug that re­cent­ly com­plet­ed ear­ly test­ing in East­ern Eu­rope.

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