All articles tagged with #cg oncology
CG Oncology's $380 million IPO debut could serve as a barometer for the future of public offerings in 2023, as the biotech industry sees a potential increase in IPO activity following a significant decrease in the past two years. Industry insiders caution against drawing conclusions based on one company, but with at least five other biotechs poised to follow suit, more data points will soon be available.
CG Oncology, a bladder cancer drugmaker, is set to debut on the Nasdaq with a $380 million IPO, marking the first of several biotech IPOs expected before spring. The California company's up-sized listing of 20 million shares priced at $19 per share, giving CG a market value of $1.15 billion.
CG Oncology, a startup led by Forbes 30 Under 30 alum Arthur Kuan, is developing a genetically engineered virus called CG0070 as a potential new treatment for bladder cancer. In clinical trials, the immunotherapy has shown promising results in bladder cancer patients who don't respond to other treatments, both alone and in combination with Merck's cancer drug Keytruda. CG Oncology recently raised $105 million in a financing round to support the development of the drug, which could be on the market as early as 2026. The company aims to supplant the current treatment for bladder cancer, which has remained largely unchanged since the 1970s.