By Josh Beckerman
Forte Biosciences shares more than doubled after the company announced a $53 million private placement to support the advancement of FB102 across autoimmune indications.
The stock was recently up 121%, to $13.10, Wednesday.
Investors in the placement include OrbiMed, Janus Henderson Investors, Tybourne Capital Management, Alger, Ikarian Capital, BVF Partners and Red Hook Fund.
Forte completed a healthy volunteer study of FB102 and a celiac disease trial is underway. The company expects to advance FB102 into additional indications over the next 12 months. Forte will provide more details during its R&D Day on Dec. 3.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
November 20, 2024 13:08 ET (18:08 GMT)
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