With its ex-Novartis cancer drug near the finish line, Adlai Nortye raises $97.5M in Nasdaq debut

The Nas­daq is wel­com­ing an­oth­er com­pa­ny hus­tling along a late-stage drug, with Ad­lai Nortye rais­ing $97.5 mil­lion from an IPO and a con­cur­rent pri­vate place­ment.

Ad­lai Nortye li­censed its lead pro­gram, the PI3K in­hibitor bu­parlis­ib, from No­var­tis back in 2018 and has since steered it in­to a Phase III tri­al for squa­mous cell car­ci­no­ma of the head and neck. Its sec­ond drug, now in Phase Ib, was li­censed from Ei­sai, and the pipeline fea­tures one more clin­i­cal pro­gram and three pre­clin­i­cal ones.

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