Industry
Bambusa Therapeutics raises $169 million in IPO
Bambusa plans to spend about $90 million to advance its atopic dermatitis drug BBT001 toward a planned Phase 2 test.
Bambusa Therapeutics raised $169 million in its initial public offering to fund its immunology drug pipeline, MedCity News reported. The Boston-based company offered about 10.5 million shares at $16 each. Shares began trading on Nasdaq Friday under the symbol BBTX.
Its lead candidate, BBT001, is a long-acting bispecific antibody being evaluated in a global Phase 1 study for atopic dermatitis. Bambusa said preliminary results showed improvement on a disease-severity rating scale and rapid itch relief, and that the drug had been well tolerated to date.
Bambusa plans to spend about $90 million on BBT001, advancing it to the start of a planned Phase 2 test in atopic dermatitis. It budgeted another $40 million to bring BBT002 into Phase 2b testing in a respiratory indication. The company expects its IPO proceeds to fund operations into late 2028.
