Akero Therapeutics (AKRO) has filed a preliminary prospectus for an IPO of 5M common shares at $14 – 16, valuing the offering at $75M from the midpoint.
The South San Francisco-based biotech has its sights set on therapies to treat nonalcoholic steatohepatitis (NASH). Lead candidate is AKR-001, an analog of a naturally expressed hormone called fibroblast growth factor 21 (FGF21) that regulates the metabolism of lipids, carbs and proteins. In previous studies in type 2 diabetics, AKR-001 was associated with substantial improvements in lipid metabolism and insulin sensitivity. A Phase 2a clinical trial launched a few weeks ago. The estimated primary completion date is March 2020.
2019 Financials (Q1): Operating Expenses: $5.5M (+999%); Net Loss: ($5.4M) (-999%); Cash Burn: ($5.4M) (-999%).
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