89bio Inc (NASDAQ:ETNB), a Phase 1 biotechnology company developing therapies for non-alcoholic steatohepatitis (NASH), raised $85 million in an upsized IPO following a short delay.
Last week, the San Francisco company opted to postpone its IPO after an administrative issue arose between its auditor and the SEC.
89bio ended up offering 5.3 million shares, 900,000 more than planned, at $16 per share, the midpoint of its $15 to $17 range.
The company’s lead product candidate, BIO89-100, is an engineered analog of fibroblast growth factor 21, which functions as an endocrine hormone-regulating carbohydrate and lipid metabolism.
89bio stock opened trading at $20 on Monday, where it remains on Wednesday, 25% above its IPO price.
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