Third Harmonic Bio, a Phase 1 biotech developing a therapy for allergic and inflammatory diseases, raised $185 million by offering 10.9 million shares at $17, the midpoint of the $16 to $18 range. The company offered 1.9 million more shares than anticipated.
Third Harmony Bio's lead candidate, THB001, is an oral small molecular inhibitor of KIT, a cell surface receptor that regulates mast cells. The biotech recently completed a Phase 1a trial of THB001, and in May 2022 submitted a CTA in Europe for a dose escalation Phase 1b proof-of-concept trial in chronic inducible urticaria. It plans to initiate the trial in the 2H22, with initial data expected in the 2H23 and a Phase 2 trial in chronic spontaneous urticaria expected in the 1H24.
Third Harmonic Bio plans to list on the Nasdaq under the symbol THRD. Morgan Stanley, Jefferies, and Cowen acted as joint bookrunners on the deal.
