In putting to­geth­er a $236M Se­ries D, one biotech spurns Nas­daq and sig­nals the dim­ming al­lure of IPOs

As the biotech IPO mar­ket con­tin­ues to floun­der af­ter a record pan­dem­ic run, the ques­tion must be asked: Are com­pa­nies be­com­ing so IPO-averse that they would rather seek ad­di­tion­al pri­vate rais­es than risk go­ing pub­lic? For at least one biotech, the an­swer ap­pears to be yes.

Kally­ope closed a $236 mil­lion Se­ries D on Tues­day morn­ing about two years af­ter its last fund­ing round, aim­ing to push for­ward a slate of clin­i­cal pro­grams in­to fur­ther stud­ies. CEO Jay Ga­le­o­ta told End­points News that while his com­pa­ny nev­er closed the IPO door fol­low­ing its $112 mil­lion Se­ries C in March 2020, the cur­rent mar­ket played, at least in part, a role in its de­ci­sion mak­ing.

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