Procter & Gamble spinoff Akebia Therapeutics rolled out a batch of promising Phase IIb efficacy data for its experimental anemia drug today, but investors who came in early this year to back the biotech's IPO in the belief that it holds the key to a potential blockbuster were dinged with signs of safety issues.
Back in January, at the annual J.P. Morgan Healthcare Conference, across hotel lobbies and crowded hallways and standing-room-only cafes, one could hardly escape talk about the biotech IPO boom.
Drug developers Akebia Therapeutics and MediWound banked a combined $170 million in their Wall Street debuts, stacking cash for their lead programs and taking advantage of a banner quarter for biotech IPOs.
Cambridge, MA's Akebia Therapeutics is lining up for a $75 million Wall Street debut, looking to raise cash and get its promising anemia drug into late-stage development.
Today the company disclosed a $41 million Series C financing amid plans for a Phase IIb study later this year for AKB-6548, which is among a potential blockbuster class of oral drugs that could serve as safer alternatives to EPO therapies for anemia patients such as Amgen's Aranesp.
Aerpio Therapeutics, which split off from Akebia late last year, says it will use the money to fund a Phase Ib/IIa study of AKB-9778 for diabetic macular edema as well as a larger Phase II to hopefully nail down its proof-of-concept data.
Cincinnati, OH-based Akebia Therapeutics is pocketing $22 million in venture funds assigned to its second round. The money is being earmarked for work on new treatments for anemia and vascular