Jan 25, 2024 - Business

Bladder cancer biotech CG Oncology raises $380 million in IPO

Illustration of hundred dollar bills and coins arranged in the shape of a cancer ribbon.

Illustration: Aïda Amer/Axios

CG Oncology, a biotech focused on bladder cancer, raised $380 million in its IPO, pricing 20 million shares at $19.

Why it matters This is a lustrous green light for the broader IPO market.

  • Irvine, Calif.-based CG originally planned to raise just around $200 million, before boosting the share count by 44%. Then the company sold even more shares at a price above its anticipated range.
  • Its initial market value will be around $1.2 billion.

ROI: CG had raised around $317 million in venture capital funding since its 2010 formation. Major backers included ORI Capital (11.3% pre-IPO stake), Decheng Capital (10.4%), Longitude Venture Partners (9.5%), Foresite Capital (6.3%), TCGX (6.3%), and Ally Bridge Group (5.7%).

The bottom line: CG's lead candidate is focused on patients with non-muscle invasive bladder cancer (NMIBC) who aren't responsive to the current standard-of-care therapy. There are around 63,000 diagnosed cases of NMIBC in the U.S. per year.

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