InflaRx, a German biopharma developing drugs for rare diseases, has raised $100 million in the industry’s third IPO this month.
The company sold 6.7 million shares at $15, the midpoint of their $14 to $16 range. Insiders snapped up 40% — or $40 million — of the deal.
It’s more than the company originally expected to raise. InflaRx planned on raising about $86 million, according to a statement filed with the SEC back in October.
The company, founded in 2007, is developing an antibody for rare autoimmune and inflammatory diseases. The IPO comes only a month after InflaRx raised $55 million in a Series D round to fuel development of its lead drug candidate IFX-1, a complement factor C5a monoclonal antibody that’s currently in PhaseIIb. The company said proceeds will go towards clinical development.
InflaRx, which filed its SEC statements under the business name Fireman B.V., will list on the Nasdaq under the ticker symbol $IFRX.
This is the third biotech IPO this month, with Boston biotechs Spero and Allena raising a combined $152 million last week. This year’s IPO market is shaping up to be hotter than last. In 2016, we saw 28 biotech IPOs. InflaRx makes 34 so far this year, with several more on deck.
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 24,000+ biopharma pros who read Endpoints News by email every day.Free Subscription