InflaRx raises $100M in IPO
InflaRx, a German biopharma developing drugs for rare diseases, has raised $100 million in the industry’s third IPO this month.
The company sold 6.7 million shares at $15, the midpoint of their $14 to $16 range. Insiders snapped up 40% — or $40 million — of the deal.
It’s more than the company originally expected to raise. InflaRx planned on raising about $86 million, according to a statement filed with the SEC back in October.
The company, founded in 2007, is developing an antibody for rare autoimmune and inflammatory diseases. The IPO comes only a month after InflaRx raised $55 million in a Series D round to fuel development of its lead drug candidate IFX-1, a complement factor C5a monoclonal antibody that’s currently in PhaseIIb. The company said proceeds will go towards clinical development.
InflaRx, which filed its SEC statements under the business name Fireman B.V., will list on the Nasdaq under the ticker symbol $IFRX.