Bladder cancer biotech CG Oncology raises $380 million in IPO

• 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.