BEIJING Chinese clinical-stage cancer drug developer Tot Biopharm International Co. Ltd. went public on Hong Kong's stock exchange under the stock code of 1875 on Friday, raising HK$511.4 million (US$61.3 million) by issuing shares at HK$6.55 apiece. But its debut met with an unexpected setback, with share prices down nearly 7% in mid-morning. Prior to the listing, the company said its shares were oversubscribed by around 11.95 times and it "was well received by the capital market."
Arkuda Therapeutics, a new company targeting progranulin and lysosomal biology to treat neurodegenerative diseases, has completed a $44 million series A financing led by Atlas Venture, its co-creator, and Pfizer Ventures. Funds managed by Tekla Capital Management LLC and Bioinnovation Capital also participated.