VectivBio raises 125 million US dollars in stock sale
VectivBio has announced the closing of the subscription offer for 16,700,000 ordinary shares. The Basel-based biotechnology firm has generated gross proceeds of around 125 million US dollars from this. The fresh capital is intended to help further develop the company’s product candidate for severe rare gastrointestinal diseases.
The Basel-based biotechnology firm VectivBio Holding AG has raised around 125 million US dollars after selling off 16,700,000 ordinary shares. These were offered for purchase at a price of 7.50 US dollars per share. Details of this were recently announced by the company as part of a press release.
Advancing clinical development
According to the information provided, VectivBio intends to put the net proceeds from the stock sale and available cash funds towards the clinical development and pre-commercial activities in connection with the lead product candidate as well as for general corporate purposes.
The lead product candidate, apraglutide, is a next-generation, long-acting, glucagon-like peptide (GLP)-2 analog. It is being developed for a number of rare gastrointestinal diseases, such as short bowel syndrome with intestinal failure (SBS-IF) and Acute Graft-Versus-Host Disease (aGVHD), where GLP-2 can play a central role in addressing the pathophysiology of the disease.