The Basel-based biotechnology firm VectivBio Holding AG has raised around 125 million US dollars after selling off 16,700,000 ordinary shares. These were offered for purchase at a price of 7.50 US dollars per share. Details of this were recently announced by the company as part of a press release.
According to the information provided, VectivBio intends to put the net proceeds from the stock sale and available cash funds towards the clinical development and pre-commercial activities in connection with the lead product candidate as well as for general corporate purposes.
The lead product candidate, apraglutide, is a next-generation, long-acting, glucagon-like peptide (GLP)-2 analog. It is being developed for a number of rare gastrointestinal diseases, such as short bowel syndrome with intestinal failure (SBS-IF) and Acute Graft-Versus-Host Disease (aGVHD), where GLP-2 can play a central role in addressing the pathophysiology of the disease.