Invea Therapeutics, a preclinical biotech using AI to develop small molecules for inflammatory diseases, filed on Friday with the SEC to raise up to $75 million in an initial public offering.
Invea Therapeutics is focused on developing small molecule oral therapies for immune-mediated inflammatory diseases (IMIDs). The company's drug discovery and development approach combines artificial intelligence and machine learning to decode the mechanisms and pathways that drive the initiation and progression of inflammation for patients with IMIDs. Invea's most advanced candidate, INVA8001, was in-licensed from Daiichi Sankyo. The company plans to submit an IND for INVA8001 in atopic dermatitis in 2024 and, if cleared, initiate a Phase 2b trial. It also plans to initiate a Phase 1b trial for INVA8001 in chronic urticaria in 2024, subject to regulatory clearance.
The Guilford, CT-based company was founded in 2021 and plans to list on the Nasdaq under the symbol INAI. BofA Securities, Citi, and Truist Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
