AbbVie showcases positive PhIII data for Rinvoq; RAPT prices on low end for IPO
→ AbbVie is touting positive data from its SELECT-PsA 2 Phase III study of Rinvoq for the treatment of psoriatic arthritis. The study showed that both doses of the drug (upadacitinib; 15 mg and 30 mg, once daily) met the primary endpoint of ACR20 response at week 12 versus placebo in adult patients with active psoriatic arthritis who have responded inadequately to one or more biologic disease-modifying anti-rheumatic drugs. The results come after the EMA backed the oral JAK1 inhibitor earlier this month, despite the FDA slapping a dreaded black box warning with its approval roughly two months prior.
→ After abruptly calling off an earlier IPO bid without explanation in August, RAPT Therapeutics revived its bid last week and today has priced at the low end of the range, offering 3 million shares of common stock at $12 per share. BMO Capital Markets, Wells Fargo Securities and UBS Investment Bank are the joint bookrunners for the offering. The company will trade under the ticker symbol $RAPT.
→ Cancer-focused Shasqi has closed a Series A financing round, bagging $10 million. The proceeds will go towards the completion of GMP manufacturing for the company’s lead drug candidate and to support a Phase I human trial, expected to start in Q2 of 2020. Investors in the round included Y Combinator, along with a group of private investors.