Kyverna Therapeutics Raises $319 Million in IPO, Advances Autoimmune Cell Therapy Research
February 9, 2024
Kyverna Therapeutics, under CEO Peter Maag, Ph., has recently completed a $319 million Initial Public Offering (IPO), marking a significant milestone for the biotech firm specializing in autoimmune-focused cell therapies. The company’s stock closed at $30, notably higher than its opening price of $22 on Nasdaq. This financial boost comes after an upsized Series B extension that totaled $145 million in funding, setting the stage for Kyverna to expand its research beyond oncology into autoimmune diseases. Currently, Kyverna is conducting trials on its lead autologous asset, KYV-101, targeting diseases such as lupus, systemic sclerosis, myasthenia gravis, and multiple sclerosis. The focus for 2023 was gathering safety data, with plans in 2024 to demonstrate the therapy’s efficacy. The IPO proceeds are expected to support pivotal trials and strategic planning toward the most significant market opportunities and regulatory approval pathways. Despite the potential of multiple sclerosis, early efficacy in treating myasthenia gravis presents a promising but more expedited path to market. The successful funding round has extended the company’s operational runway into 2026, alleviating previous financial concerns indicated in its public filing.
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[Source: Fierce Biotech, February 9th, 2024]
