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[FierceBiotech] ORIC pulls off upsized $120M Wall Street debut to bankroll cancer resistance pipeline

Juhee Kim Juhee Kim
2020-05-07 09:40
원본기사주소 ↓ (Apr 24th, 2020)

We may have a data set of four, but the it looks like the biotech IPO is here to stay. ORIC Pharmaceuticals is the latest biotech to go public since the World Health Organization declared COVID-19 a pandemic. The cancer biotech priced its IPO at the top end of its range, raking in $120 million and eclipsing its $86 million goal.

ORIC, which stands for overcoming resistance in cancer, is working on a pipeline of drugs designed to do just that. The IPO proceeds, along with its previous funding rounds, will push its lead program through phase 1b and into phase 2 and move its second program into the clinic.

The company’s lead program, ORIC-101, targets the glucocorticoid receptor, which has been linked to resistance to multiple types of cancer treatments in several kinds of solid tumors. It is in a phase 1b study testing it in combination with various cancer meds. These include the chemo drug Abraxane or a checkpoint inhibitor in solid tumors and an androgen receptor modulator in prostate cancer.