Aileron Therapeutics has set out to raise $69 million in the latest biotech IPO to hit the street.
Their lead drug — ALRN-6924 — is focused on p53, a familiar and very frustrating target in the cancer R&D world. Still in early studies, Aileron has gathered a collection of initial patient responses to the drug, which targets MDMX and MDM2.
Aileron has had a low profile for the last few years. It’s jumping into the IPO queue now after a growing lineup of drug developers have sought investors’ embrace, with varying but generally positive results.
The biggest shareholder in the Cambridge, MA-based biotech is Apple Tree Partners, with 22.4% of the stock. Novartis BioVentures comes in a close second with 21%. CEO Joseph Yanchik, meanwhile, has a 4% stake.
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