After closing one of China's biggest-ever raises, I-Mab Biopharma nabs $104M Nasdaq IPO

I-Mab Biopharma management
I-Mab Biopharma management (I-Mab Biopharma)

China-based cancer and autoimmune disease biotech I-Mab Biopharma has raised $104 million on the U.S. Nasdaq composite.

It hit $14 a share, the midpoint in the range, and becomes the first Chinese biotech in more than two years (the last being Zai Lab back in 2017) to gain a U.S. IPO. According to recent reports out of Bloomberg, however, it had been quietly hoping for a $200 million offering.

The offering seems relatively tame after the monster raises it has gained over the years, including $220 million in a third-round fundraising back in 2018 following on from a $150 million series B round a year earlier. It’s raised more than $400 million in total.

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The Shanghai-based company—which grew out of the merger between Third Venture Biopharma and Tasgen Biotech—said with these raises it was set to plow the cash back into its pipeline of preclinical and clinical-stage antibody drugs for cancer and autoimmune disorders.

In its recent SEC-1 filing, the biotech said: “Our clinical development capabilities are best demonstrated by the rapid implementation of seven ongoing clinical trials, including four Phase 1/2 and registrational trials in Greater China and three Phase 1 trials in the United States within the past three years.

“To ensure regulatory approval and subsequent product launch as currently planned, we strive to reach the following critical clinical milestones by the end of 2020–11 active clinical programs consisting of two Phase 3 or registrational trials in China, two Phase 2 trials in China and seven Phase 1 trials in the United States and China.”

The company lists on the Nasdaq under the ticker "IMAB."

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