CG Oncology aims for $181M listing in first biotech IPO of 2024

CG On­col­o­gy ap­pears poised to be the first biotech IPO of 2024 as it dis­closed Thurs­day morn­ing it will seek about $181 mil­lion in its Nas­daq de­but.

The pro­posed list­ing comes as in­vestors and in­dus­try in­sid­ers breathe an air of op­ti­mism with pos­i­tive mo­men­tum from De­cem­ber and a sun­shine cleanse at the JP Mor­gan Health­care Con­fer­ence last week.

CG’s jump to Wall Street could al­so serve as a bell­wether for the first quar­ter of IPOs as five oth­er biotechs are in the queue: late-stage on­col­o­gy start­up Ar­riVent Bio­phar­ma, Phase II Al­to Neu­ro­science, pre­clin­i­cal gene edit­ing com­pa­ny Metageno­mi, obe­si­ty gene ther­a­py mak­er Fractyl Health and mid-stage au­toim­mune CAR-T mak­er Kyver­na Ther­a­peu­tics.

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