'Not in today's market': As Amgen, Bristol Myers back antibody startup BigHat, bear market keeps IPO window shut tight
A private antibody startup is pulling in some new cash to continue advancing its discovery-stage programs, recruiting some big backers in the process. But in contrast to the IPO bonanza from mid-2020 to late-2021, the company won’t be jumping to Nasdaq anytime soon, emphatically rejecting the idea of going public during the current bear market.
BigHat Biosciences put together a $75 million Series B to push forward five pre-IND drug candidates, the company announced Wednesday morning. The raise extends the company’s runway by about two and a half years, CEO Mark DePristo tells Endpoints News, but the challenges the bear market presents will likely preclude an IPO in that timeframe.
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