July 14 (Reuters) – Biopharmaceutical company Attovia Therapeutics on Tuesday filed for an initial public offering in the United States, seeking to raise funds to advance the development of its pipeline.
Biotech IPO activity has been picking up amid improving investor risk appetite, with sleep-apnea drug developer Apnimed filing for an IPO on Friday and heart-disease drug developer Kardigan raising $400 million in an upsized IPO in June.
Attovia said it plans to use the IPO proceeds, along with existing cash, to advance the development of its lead drug candidates, fund research and development activities and for working capital and general corporate purposes.
Founded in 2023, the company develops biologic therapies for immune-mediated diseases using its ATTOBODY platform, with drug candidates targeting inflammatory skin conditions and inflammatory bowel disease.
Attovia is backed by Goldman Sachs Alternatives, Deep Track Capital, Frazier Life Sciences and venBio, each of which owns at least a 5% stake, according to its filing.
The company plans to list on the Nasdaq Global Market under the symbol “ATTO.”
Morgan Stanley, Leerink Partners, Citigroup and RBC Capital Markets are among the underwriters for the offering.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Jonathan Ananda and Tasim Zahid)
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