Third Rock-backed Allena looks to springboard a $92M IPO off of a failed PhIIb
The IPO market for biotech has turned hot. But is it hot enough to get Allena Pharmaceuticals into the public arena?
Three years ago, Allena Pharmaceuticals CEO Alexey Margolin was talking about using a $25 million B round to steer the Newton, MA-based biotech up to the threshold of Phase III. A year later, the $53 million C round was supposed to get it into the Phase III. And now, $96 million in, the team at Allena has crafted a $92 million IPO designed to fund Phase III — even though their drug just quietly failed a key and very small Phase IIb trial.
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