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Septerna (SEPN.US) upsizes IPO by 57% to $18/share

Market IntelFriday, Oct 25, 2024 3:50 am ET

1min read

Zhitong Finance learned that biotechnology company Septerna raised the proposed size of its upcoming initial public offering (IPO) on Thursday. The company now plans to issue 15.3 million shares at $18 each, raising $275 million. The company had previously planned to issue 1.09 million shares at $15-$17 each, raising $175 million. The company plans to list on the Nasdaq under the ticker "SEPN".

Septerna was founded in 2019 and focuses on developing new oral small molecule drugs targeting the entire G-protein coupled receptor (GPCR) class. Its lead and only clinical-stage program is SEP-786, a treatment for hypoparathyroidism targeting the parathyroid hormone 1 receptor (PTH1R). The company is currently conducting a Phase 1 trial in patients with rare endocrine disease hypoparathyroidism, with top-line data expected in mid-2025. The company is also developing SEP-631, a negative allosteric modulator (NAM) of MRGPRX2, currently in IND-enabling stage for the treatment of chronic spontaneous urticaria (CSU) and other mast cell diseases. The company had revenue of $1 million in the 12 months ended June 30, 2024.

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