City Therapeutics will join a slew of biotechs that have entered the public markets this year, with a $200 million raise that landed above expectations.
City Therapeutics, the RNA interference biotech developing therapies for thromboembolic diseases, has pulled off an upsized IPO, raising $200 million that will be split across its pipeline.
The company will begin trading on the Nasdaq Friday under the ticker CTY, after offering over 11 million shares at $18 apiece, according to the Thursday press release. Originally, City had targeted a sale of about 9.7 million shares for $158.3 million but has exceeded that, and another 1.6 million shares are being offered to the underwriters.
City will join a bustling group of biotechs that have joined the Nasdaq this year, including Aktis Oncology, Generate:Biomedicines and ADARx Pharmaceuticals. City’s $200 million raise falls in the middle of the pack, with a record high achieved this year by Parabilis Medicines’ $670 million IPO in June.
Also going public this week with City is Iambic Therapeutics, an AI-fueled biotech that officially began trading on Thursday under the ticker symbol IAM. The company raised about $150 million after originally targeting $135 million.
City Therapeutics was named to BioSpace’s NextGen Class of 2026 earlier this year. Led by CEO Andy Orth, City emerged in 2023, founded by RNAi pioneer and former Alnylam CEO John Maraganore who now serves as executive chair. The company has moved quickly to establish a pipeline of therapies in thromboembolic diseases, including lead program CITY-FXI, which is in Phase 1 testing.
The company planned to earmark $30 million for the CITY-FXI program, according to the IPO prospectus. In addition, the biotech is conducting new drug-enabling studies for CITY-RBP4 in Stargardt disease, an inherited eye condition that causes vision loss in children and young adults. This program was to receive a $20 million boost from the IPO, according to the prospectus. Another $40 million will support clinical tests of CITY-TFR2 in anemia associated with myelofibrosis, while the remaining $70 million will help fund platform development and preclinical activities.
The IPO comes just over four months after City raised $99.5 million in a series B financing.
