Odyssey Therapeutics, a Phase 2-ready biotech developing precision therapies for autoimmune diseases, withdrew its plans for an initial public offering on Monday. It originally filed in January 2025 with a proposed deal size of $100 million.
Focused on patients suffering from autoimmune and inflammatory diseases, Odyssey is developing medicines that are designed to precisely target disease pathology with an initial emphasis on the innate immune system. Its most advanced candidate, OD-07656, is a small molecule scaffolding inhibitor of receptor-interacting protein kinase 2. The company plans to commence a Phase 2a monotherapy trial for ulcerative colitis in the 1Q25 and a Phase 2a combination trial with vedolizumab in the 1H26. Its pipeline also contains two preclinical programs: a small molecule scaffolding inhibitor of interleukin-1 receptor-associated kinase 4, and an agonistic protein therapeutic targeting tumor necrosis factor receptor 2.
The Boston, MA-based company was founded in 2021 and booked $3 million in collaboration revenue for the 12 months ended September 30, 2024. It had planned to list on the Nasdaq under the symbol ODTX. Goldman Sachs, Jefferies, and TD Cowen were set to be the joint bookrunners on the deal.
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