Upstream Bio, a clinical-stage biotech developing a monoclonal antibody to target respiratory disorders, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
The company's lead candidate is verekitug, a monoclonal antibody being developed to treat severe respiratory disorders. Verekitug aims to target and inhibit the Thymic Stromal Lymphopoietin receptor, and Upstream Bio has advanced it to into Phase 2 trials to treat severe asthma and chronic rhinosinusitis with nasal polyps. It plans to also enter it into a Phase 2 trial for chronic obstructive pulmonary disease.
The Waltham, MA-based company was founded in 2021 and booked $2 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol UPB. Upstream Bio filed confidentially on June 12, 2024. J.P. Morgan, TD Cowen, Piper Sandler, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
