Rohan Palekar, 89bio CEO
With data to propel it into PhIII, 89bio asks market for nearly $100M to bankroll ex-Teva drug
89bio, born out of a Teva drug, is the latest to board the speed rail that takes biotechs from positive clinical data drop to cash request within a minute.
The San Francisco biotech revealed a mid-stage test that passed muster in a high-fat condition that sometimes leads to cardiovascular disease, and a minute afterwards in a Tuesday post-market release, 89bio asked investors for $75 million. Hours later, past midnight, they upsized the public offering to $94.5 million.
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