Kyverna Therapeutics, a Phase 1 biotech developing cell therapies for autoimmune diseases, raised $319 million by offering 14.5 million shares at $22, above the upwardly revised range of $20 to $21. The company originally planned to offer 11.1 million shares at $17 to $19 before revising the terms on Tuesday.
Kyverna Therapeutics is focused on developing cell therapies for patients suffering from autoimmune diseases. Its lead program is KYV-101, an autologous CD19 CAR T-cell therapy made from an underlying chimeric antigen receptor licensed from the National Institutes of Health that previously completed a Phase 1 trial in oncology. Kyverna is developing KYV-101 across two broad areas of autoimmune disease: rheumatology and neurology. Its initial rheumatology development focus is on lupus nephritis (LN) and systemic sclerosis (SSc). The company plans to conduct two trials of KYV-101 in patients with LN, and has also received IND clearance for a Phase 1/2 study in SSc. In neurology, Kyverna is focused on myasthenia gravis (MG) and multiple sclerosis (MS), and it has received IND clearance for Phase 2 studies in both diseases.
Kyverna Therapeutics plans to list on the Nasdaq under the symbol KYTX. J.P. Morgan, Morgan Stanley, Leerink Partners, and Wells Fargo Securities acted as joint bookrunners on the deal.
