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Finance Watch: Certain Offerings Find Their Way To Investors In Tough Market

Some FOPOs Launch, While A Few SPAC Deals Crash

 
• By Mandy Jackson

Public Company Edition: The stock market has been unkind to biotech firms but investors rewarded some drug developers for clinical trial successes, including Scholar Rock and Day One, which raised $205m and $172.5m, respectively. However, some SPAC deals and an IPO never got off the ground.

Finance Watch Public Company
• Source: Alamy

Plummeting stock prices for biotechnology companies and declining valuations across the industry were common topics at the BIO International Convention 13-16 June in San Diego. However, attendees also looked for signs of hope in the current environment, including the ability of publicly traded drug developers to still be able to raise money through follow-on offerings and other means after reporting positive clinical trial results, as Scholar Rock and Day One Biopharmaceuticals Inc. did recently.

Scholar Rock, whose highly anticipated Phase III results for myostatin inhibitor apitegromab in spinal muscular atrophy (SMA) are not expected...

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