Allogene IPO shares rally in the midst of a market storm; The flip side? Hoth files for $13M IPO
→ The market overall may be in turmoil, but why should that bother the record-setting biotech IPO from Arie Belldegrun and David Chang. Allogene stock $ALLO charged up on its debut Thursday and was still rising on Friday, shooting past the $27 mark after starting off at $18 a share. Allogene raised a record $324 million on its pricing, a figure that will likely grow as the underwriters pick up their options. The biotech is focused on winning the race to the first off-the-shelf CAR-T, with two big clinical programs slated to begin next year.
→ We’ve been hearing a lot about bigger and bigger IPOs this year. Now we’re also seeing the mini-me version come along. Hoth Therapeutics out of New York just filed for a $13 million IPO to back their work on a new therapy to prevent eczema. Hoth in-licensed rights to a tech that combines an “FDA-approved zinc chelator with one or more approved antibiotics in a topical dosage form to address unchecked eczema flare-ups by preventing the formation of infectious biofilms and the resulting clogging of sweat ducts which trigger symptoms.”