The year 2024 has ushered in a new wave of excitement in the biotech industry, with several promising companies making their debuts on the stock market.
These initial public offerings (IPOs) represent not just financial milestones but also the fruition of years of research and development in various fields of biotechnology. Here are five biotech IPOs that are drawing attention in 2024:
Disclaimer: This post is not investment advice of any kind; it is for informational purposes only. The author of this post does not endorse or recommend any particular stocks or investment opportunities. Consult relevant professional service providers for any investment decisions at all times.
1. CG Oncology
CG Oncology, an innovative biotech company specializing in bladder cancer treatments, marked a significant milestone with its $380 million IPO in early 2024. This notable entrance into the public market was executed on the Nasdaq under the ticker symbol CGON, with the company offering 20 million shares at $19 each.
The hallmark of CG Oncology’s innovation is its lead asset, the late-stage cretostimogene grenadenorepvec. This candidate represents an advance in oncolytic immunotherapy, a field that combines the destruction of cancer cells with an immune response against the tumor. The therapy works by infiltrating cancer cells, replicating inside them, and inducing cell death.
Subsequently, the newly formed cretostimogene grenadenorepvec molecules target and kill other cancer cells. In addition to this, cytokines and other antigens released by dying tumors help prime T-cells and recruit them to fight the malignancy.
Cretostimogene grenadenorepvec is specifically designed to replicate preferentially in cells where the retinoblastoma gene pathway is defective, a characteristic common in most urothelial carcinomas.
CG Oncology is developing this therapy for high-risk, BCG-unresponsive non-muscle invasive bladder cancer (NMIBC), as well as intermediate-risk NMIBC. It is currently in Phase III assessments for these conditions and also in a Phase II trial in combination with Merck’s Keytruda (pembrolizumab) for the treatment of high-risk, BCG-unresponsive NMIBC.
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