Three Biopharma Companies Debut on the Nasdaq, Raise Combined $356 Million in IPOs


It’s been another strong week of biopharma companies making their debut on a stock exchange. Over the past 48 hours, three companies, Finch Therapeutics, Connect Biopharma and Gain Therapeutics, all made their debut on the Nasdaq.

Finch Therapeutics, which is based in Somerville, Mass., raised $125 million in its initial public offering. The company begins trading on the Nasdaq today under the ticker symbol “FNCH.” Finch Therapeutics is a microbiome therapeutics company leveraging its Human-First Discovery platform to develop a novel class of orally administered biological drugs. The IPO follows a $90 million Series D financing round in September.

Finch’s lead candidate, CP101, is in late-stage clinical development for the prevention of recurrent C. difficile infection (CDI), and has received both Breakthrough Therapy and Fast Track designations from the U.S. Food and Drug Administration. Last year, CP101 met its primary efficacy endpoint in PRISM3, the first of two pivotal trials to support the development of CP101 for the prevention of recurrent CDI. Finch plans to initiate another Phase III trial, dubbed PRISM4, as its second pivotal study of CP101 for recurrent CDI. Finch is also developing CP101 for the treatment of chronic hepatitis B virus, and FIN-211 for the treatment of the gastrointestinal and behavioral symptoms of autism spectrum disorder. In partnership with Takeda, Finch is advancing FIN-524 and FIN-525 for the treatment of ulcerative colitis and Crohn’s disease, respectively.

San Diego-based Connect Biopharma Holdings Limited also made its debut on the Nasdaq this morning. The company, which focuses on treating chronic inflammatory diseases through the development of therapies derived from T-cell-driven research, raised $191.3 million from its IPO. Connect Biopharma will trade under the ticker symbol “CNTB.” The IPO could swell if additional shares are acquired by the underwriters. If those shares are purchased, Connect’s IPO could swell to $219.9 million.

The company’s lead asset CBP-201 is an antibody designed to target interleukin-4 receptor alpha (IL-4Rα), which is a validated target for the treatment of several inflammatory diseases such as atopic dermatitis (AD) and asthma. Last year, the company posted positive topline data from a Phase Ib study of CBP-201 in patients with moderate-to-severe atopic dermatitis (AD). Results from the study show that CBP-201 has an efficacy profile that is superior to data from clinical studies of the current standard of care therapy for AD after four weeks of treatment, with a favorable safety profile. 

Connect’s second product candidate is CBP-307, a modulator of a T cell receptor known as sphingosine 1-phosphate receptor 1 (S1P1).

Also making its debut this week on the Nasdaq is Maryland-based Gain Therapeutics. The company raised $40 million in its IPO. Shares of Gain began to trade on the Nasdaq Thursday under the ticker symbol “GANX.” The company will use the funds to advance development of its pipeline of therapeutics for rare genetic diseases characterized by protein misfolding.

Gain’s small molecule drug candidates, called STARs (structurally targeted allosteric regulators) are designed to cross the blood-brain barrier and penetrate other hard to treat organs such as bone and cartilage, stabilize the effective enzyme to restore function and reduce toxic substrate. Disease targets the company is going after include Morquio B, GM1 gangliosidosis, Gaucher and Parkinson’s disease.

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