Massachusetts biotechs believe investors are eager to bet on promising startups despite the pandemic-related recession.
Pandion Therapeutics, a Watertown biotech developing treatments for disorders related to the immune system, said Monday that it plans to raise $94 million when it goes public on the stock market. That’s up from the $75 million offering the startup first mentioned in a June 26 filing with the Securities and Exchange Commission.
Pandion intends to offer 5.5 million shares in a price range of $16 to $18. The company expects to list on the Nasdaq exchange under the symbol PAND.
In recent weeks, several Massachusetts biotechs have gone public amid investor enthusiasm, including Repare Therapeutics, a precision oncology company with offices in Cambridge and Montreal; Forma Therapeutics, a Watertown biotech seeking to treat rare blood disorders and forms of cancer; Akouos, a Boston firm trying to develop the first gene therapy to treat hearing loss.
And last Thursday Relay Therapeutics, a Cambridge biotech focusing on cancer treatments, said it plans to raise $250 million when it goes public.
Pandion is developing an approach to treat autoimmune and immune-related diseases ranging from inflammatory bowel disease to skin conditions. The approach uses antibodies that target the immune system affecting a specific organ and re-calibrates it.
The firm’s lead drug candidate is a potential treatment for ulcerative colitis, an inflammatory bowel disease, that is in an early stage clinical trial. The results of the study on patients are expected in the first half of next year.
Last October, Pandion said it partnered with Tokyo’s Astellas Pharma to develop and market treatments for autoimmune diseases of the pancreas.
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