Two biotechs set out for the public markets this week, with Upstream Bio raising $255 million for its inflammatory disease work, while CAMP4 Therapeutics picked up $75 million to develop RNA-targeting drugs.
Two more companies jumped to the public markets to end the week, with inflammatory disease biotech Upstream Bio upsizing its offering for proceeds totaling $255 million while RNA outfit CAMP4 Therapeutics picked up $75 million.
In the larger IPO, Upstream offered 15 million shares for $17 apiece, which began trading Friday morning under the ticker UPB, according to a Thursday press release.
Upstream’s lead program is verekitug, also known as UPB-101, an antagonist targeting thymic stromal lymphopoietin (TSLP), which is known to be involved in the body’s inflammatory response. The therapy is currently in two Phase II trials for severe asthma and chronic rhinosinusitis with nasal polyps. Upstream also plans to develop the therapy in chronic obstructive pulmonary disease.
Earlier Phase I studies of verekitug showed a reduction in inflammatory biomarkers, rapid treatment effects and tolerability.
Upstream is helmed by Rand Sutherland, who joined as CEO in April after serving in the same role at Seeker Biologics. Prior to that, he was president of Translate Bio, which was acquired by Sanofi.
The second biotech to go out was CAMP4, which offered 6.8 million shares at $11 each for total proceeds of $75 million. Trading was expected to begin Friday under the ticker CAMP, according to a Friday press release.
The CAMP4 team has had a busy month. The company signed an agreement with BioMarin on Oct. 1 to develop therapies that increase protein levels by targeting regulatory RNA sequences. Financial details were not disclosed, but CAMP4 was provided with an upfront fee, plus milestones and royalties down the line.
CAMP4’s lead program is CMP-CPS-001, which is in Phase I development for urea cycle disorders. CMP-CPS-001 secured orphan drug status from the FDA in September and had previously held a rare pediatric disease tag as well.
Another program, CMP-SYNGAP, is in preclinical development for SYNGAP1-related disorders, which are a group of central nervous system diseases. CAMP4 also has multiple programs in metabolic CNS and cardiovascular diseases in early development and discovery.
IPO activity has picked up this fall, with several biotechs making the jump to Wall Street. Upstream and CAMP4 follow Bicara Therapeutics, Zenas BioPharma and MBX Biosciences, which together raised more than $700 million in September.
