Ventyx Jumps Over 20% Today After NASDAQ Debut

  • Less than a year ago, Ventyx Biosciences Inc VTYX emerged from stealth mode, then last month, it sprinted to Wall Street with a $100 million IPO ticket.
  • This week Ventyx nabbed an upsized $152 million by offering 9.5 million shares at $16, within the range of $15 to $17, adding to the $114 million series B round snagged earlier this year.
  • The centerpiece of Ventyx is its S1P1R modulator VTX002, which is heading into phase 2 in the coming months in ulcerative colitis (UC).
  • Now Ventyx will look to challenge Bristol Myers Squibb & Co's BMY multiple sclerosis and UC drug Zeposia, an S1P1R modulator.
  • Ventyx hopes its VTX002 will prove to be a better option in ulcerative colitis, particularly avoiding some of Zeposia's warnings around the liver injury and macular edema screening. 
  • The Company has earmarked $45 million - $55 million from IPO proceeds for VTX002 development.
  • Other hopefuls include VTX958, an oral, selective tyrosine kinase type 2 inhibitor targeting autoimmune diseases, with psoriasis the first target.
  • Roughly $75 million - $85 million of the IPO funds are tagged to bring the candidate through Phase 2 trial.
  • Ventyx also has an NLRP3 inhibitor for systemic inflammatory diseases, including cardiovascular, hepatic, renal, and rheumatologic conditions.
  • See the offering prospectus here.
  • Price Action: VTYX priced its IPO at $16 and opened trade at $18.65. Shares are trading 22.03% higher at $19.53 during the market session on the last check Thursday.
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