Biotechnology firm Septerna has announced an increase in its planned initial public offering (IPO) size. The company now intends to issue 15.3 million shares at $18 each, aiming to raise $275 million. This marks an increase from its previous plan to issue 10.9 million shares priced between $15 and $17, targeting $175 million. Septerna will list on Nasdaq under the ticker "SEPN".
Founded in 2019, Septerna specializes in developing novel oral small molecule drugs targeting the G protein-coupled receptor (GPCR) class. Its principal clinical-stage project is SEP-786, aimed at treating hypoparathyroidism by targeting the parathyroid hormone 1 receptor (PTH1R). The company is conducting a Phase 1 trial for this treatment in patients with the rare endocrine disorder and expects top-line data by mid-2025.
Additionally, Septerna is working on SEP-631, a negative allosteric modulator (NAM) of MRGPRX2, intended for the treatment of chronic spontaneous urticaria (CSU) and other mast cell diseases. SEP-631 is currently in the investigational new drug (IND) preparation stage. For the 12 months ending June 30, 2024, Septerna reported revenue of $1 million.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.