At $12 a share, Malvern-based Galera Therapeutics raised $60 million in its initial public offering and is now trading under the GRTX symbol on the Nasdaq Global Market, writes Joseph DiStefano for The Philadelphia Inquirer.
Galera is working on a drug to fight radiation sickness in cancer patients. Its lead drug candidate, Avasopasem Manganese, is currently in Phase 3 testing to prove its impact on mucous infections that occur in some head and neck cancer radiology patients.
The drug candidate was given Fast Track and Breakthrough Therapy approvals by the Food and Drug Administration to speed it to market.
Last fall, the company raised $70 million in equity from the Clarus Ventures-led multinational coalition of biotech investors, as well as $80 million in cash commitments to be repaid from future sales.
Galera CEO Mel Sorensen said at the time the company would use the funds for clinical trials, sales, and marketing staff.
“In general, if you have a treatment that’s working, it’s best to take it as far as you can on your own,” he said in 2018. “We want to get this on the U.S. market as soon as possible.”
Read more about Galera Therapeutics in The Philadelphia Inquirer here.