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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