A small, ob­scure biotech just won big with their IPO. In this mar­ket. Are you kid­ding me?

How could a small, large­ly un­known biotech that emerged from stealth mode just months ago with ear­ly-stage can­cer pro­grams jump on­to Wall Street in the mid­dle of a Cat­e­go­ry 6 fi­nan­cial hur­ri­cane and sail through with a $165 mil­lion IPO?

And what does that mean for the rest of the in­dus­try wait­ing to see just how much dam­age glob­al lock­downs will wreak on clin­i­cal de­vel­op­ment?

The biotech is a com­pa­ny called Zen­tal­is. The crew there nabbed an $85 mil­lion crossover round late last year — no­tably wait­ing 5 years be­fore wav­ing the num­bers around to at­tract at­ten­tion, ac­cord­ing to my read of a Fierce­Biotech sto­ry. Per­cep­tive joined in, but the syn­di­cate was not in gen­er­al the kind of mar­quee af­fair that gets tongues wag­ging.

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