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Public Equity Report: Cinclus dips after pricing Stockholm IPO

ARTICLE | Finance

Plus: Tectonic arrives on NASDAQ; UroGen prices offering amid rolling NMIBC submission

By Paul Bonanos, Director of Biopharma Intelligence

June 21, 2024 9:45 PM UTC

In a quiet week during which the U.S. observed the Juneteenth holiday, Swedish biotech Cinclus began trading after its Stockholm IPO, while Tectonic landed on NASDAQ via a previously announced reverse merger.

Co-founded by former members of a development team at AstraZeneca plc (LSE:AZN; NASDAQ:AZN), Cinclus Pharma Holding AB (SSE:CINPHA) is advancing a potassium-competitive acid blocking program for erosive gastroesophageal reflux disease (eGERD). The molecule, linaprazan glurate, is based on a clinical program AstraZeneca had advanced in the mid-2000s decade, but later scuttled as it exited the gastrointestinal area. Cinclus’ molecule, a prodrug of AstraZeneca’s original linaprazan, has a longer residence time than its predecessor, and is designed for a more durable effect with less toxicity to the liver…