Apogee Therapeutics, a Phase 1-ready biotech developing antibody therapies for inflammatory diseases, raised $300 million by offering 17.7 million shares at $17, the high end of the range of $15 to $17. The company offered 2.0 million more shares than anticipated.
Founded by healthcare investors Fairmount Funds and Venrock, Apogee Therapeutics is developing differentiated biologics for the treatment of atopic dermatitis (AD), chronic obstructive pulmonary disease (COPD), and related inflammatory and immunology indications with high unmet need. Its two most advanced programs, APG777 and APG808, are subcutaneous extended half-life monoclonal antibodies initially being developed for AD and COPD, respectively. The company anticipates initiating a Phase 1 trial of APG777 in the 2H23, with initial data expected in mid-2024, and anticipates nominating a development candidate for its APG808 program in 2023. Apogee has exclusive development and commercialization rights to its programs through a strategic collaboration with Paragon Therapeutics, a biotech founded in 2021 by Fairmount Funds.
Apogee Therapeutics plans to list on the Nasdaq under the symbol APGE. Jefferies, TD Cowen, Stifel, and Guggenheim Securities acted as joint bookrunners on the deal.
