89bio (ETNB) Plans to Raise $94 Million in November 6th IPO

89bio (ETNB) is planning to raise $94 million in an initial public offering (IPO) on Wednesday, November 6th, IPO Scoop reports. The company plans to issue 5,200,000 shares at $17.00-$19.00 per share.

89bio has a market-cap of $193 million.

BofA Merrill Lynch, SVB Leerink and RBC Capital Markets acted as the underwriters for the IPO and Oppenheimer was co-manager.

89bio provided the following description of their company for its IPO: ”  We are a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. Our lead product candidate, BIO89-100, a specifically engineered glycoPEGylated analog of FGF21, is currently being developed for the treatment of NASH. NASH is a severe form of NAFLD, characterized by inflammation and fibrosis in the liver that can progress to cirrhosis, liver failure, HCC and death. There are currently no approved products for the treatment of NASH. FGF21 is a clinically-validated mechanism that has been shown in humans to reduce steatosis and address cardio-metabolic dysregulation. “.

89bio was founded in 2018 and has 14 employees. The company is located at 535 Mission Street, 14th Floor, San Francisco, CA 94105, US and can be reached via phone at (415) 500-4614 or on the web at http://www.89bio.com.

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