VectivBio raises $125 million

VectivBio is focussed on therapies for severe rare conditions. Lead product candidate apraglutide is a next-generation, long-acting synthetic GLP-2 analog being developed for a range of rare gastrointestinal diseases where GLP-2 can play a central role in addressing disease pathophysiology, including short bowel syndrome with intestinal failure (SBS-IF) and Acute Graft-Versus-Host Disease (aGVHD).

A pivotal Phase 3 clinical trial for apraglutide in SBS-IF was launched this year. The Company expects to report topline data from this study at the end of 2023. Encouraging data of a Phase 2 study in a subgroup of patients with SBS-IF have been published last week. In June the first two patients have been dosed in STARGAZE, a Phase 2 clinical trial evaluating apraglutide in patients with steroid-refractory gastrointestinal (GI) acute Graft-versus-Host Disease (aGvHD).

VectivBio intends to use the net proceeds from the offering, together with its existing cash and cash equivalents: to fund (i) clinical development and pre-commercialization activities for its lead product candidate and (ii) general corporate purposes, including general and administrative expenses and working capital.

Investors who purchased shares in the offering include Cowen Healthcare Investments, Driehaus Capital Management, Eventide Asset Management, LLC, Forbion's Growth Opportunities Fund, Frazier Life Sciences, Marshall Wace, OrbiMed, Surveyor Capital (a Citadel company), TCG X, Venrock Healthcare Capital Partners and Vivo Capital, among other specialist biotech investors. Before deducting the underwriting discounts and commissions and offering expenses, VectivBio received total gross proceeds of approximately $125 million.

(Press release / SK)