With hit-and-miss da­ta, Al­lakos goes the pub­lic of­fer­ing route in $150M ask

Cal­i­for­nia-based biotech Al­lakos, which works on al­ler­gies and in­flam­ma­tion-re­lat­ed dis­eases, is mak­ing hay while the sun shines.

Ten days af­ter an­nounc­ing luke­warm re­sults of its lead drug can­di­date, the com­pa­ny an­nounced it was seek­ing $150 mil­lion via an un­der­writ­ten of­fer­ing of shares of its com­mon stock $AL­LK.

The com­pa­ny’s 24-week da­ta from its Phase III tri­al EoDyssey was in­ves­ti­gat­ing its lead drug can­di­date lirente­limab in pa­tients with con­firmed eosinophilic duo­deni­tis — a chron­ic in­flam­ma­to­ry dis­ease char­ac­ter­ized by in­flam­ma­tion in the stom­ach and part of the small in­tes­tine.

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