Protagonist Therapeutics – a company developing oral treatments for IBD – sold more shares than expected on Wed., Aug. 10, and raised $90 million in the process, according to Silicon Valley Business Journal.
Here are four things to know:
1. The company sold 7.5 million shares at $12, surpassing its goal of $87.2 million. The final amount raised could reach more than $100 million.
2. It is the third Bay Area life sciences company to go public this year, after Audentes Therapeutics and Corvus Pharmaceuticals.
3. Though the company has raised $67 million since it was founded 15 years ago, it has no revenue. It has an accumulated deficit of $39.1 million.
4. Its primary stakeholders include Johnson & Johnson, Pharmstandard International and R.A. Capital Healthcare Fund.