16th Sep 2022 12:25
(Alliance News) - RTW Venture Fund Ltd on Friday said its portfolio company Third Harmonic Bio Inc has raised USD185.3 million in its initial public offering.
RTW is a New York-based investor in life sciences, biopharmaceutical, and medical technology companies. Third Harmonic Bio is a clinical-stage biotechnology company developing a "first-in-class, selective, oral KIT inhibitor for the treatment of severe allergy and inflammation".
In February, RTW confirmed that it had participated in a Series B fundraising round for Third Harmonic. In total, Third Harmonic raised USD105 million in the financing round.
On Wednesday, Third Harmonic raised a further USD185.3 million at its initial public offering. It offered 10.9 million shares at USD17.00 each.
The shares began trading on the Nasdaq Global Market, under the ticker “THRD."
Shares in Third Harmonic closed 16% higher at USD19.68 each in New York on Thursday. RTW shares were untraded at 114.00 pence each in London on Friday around midday.
Managing Partner & Chief Investment Officer of RTW Investments Roderick Wong said: "We are excited about Third Harmonic Bio's successful IPO, especially during a challenging year for public markets, and look forward to supporting the company in its efforts to develop next-generation treatments for mast cell-driven diseases."
By Sophie Rose; [email protected]
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