Stock market boom: Two biotechs go public

After Evotec’s IPO, two more European companies have gone public: IO Biotech raised US$100m in its IPO on Nasdaq Global Market, selling 7.15 million shares at US$14 per share. Copenhagen-headquartered IO Biotech develops immune-modulating cancer therapies based on its T-win technology platform, which is designed to activate naturally occurring T-cells to target immunosuppressive mechanisms. With the money, IO Biotech will advance its lead immuno-oncology candidate, IO102-IO103, targeting IDO and PD-L1. They will fund a Phase III trial in first line advanced melanoma, as well as Phase 2 “basket” trials. Some money will also go towards the development of IO112, targeting Arginase 1.

Lyon-based MaaT Pharma, specialising in microbiome-based drugs aiming to improve survival outcomes for cancer patients, listed on Euronext Paris. It raised €31.5m selling 2.333 million shares at €13,5 a share. MaaT Pharma will use the money to fund the company’s clinical programmes, including the Phase III trial of MaaT013 as treatment of acute graft-vs-host disease. MaaT013 is also being developed for melanoma. MaaT Pharma will also initiate a Phase II/III trial of MaaT033 for complications after hematopoietic stem cell transplantation and start preparation work for Phase I of MaaT03X. A chunk of the money will go towards the industrial scale-up of MaaT015, MaaT033 and MaaT03X production.