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“Read the Fine Print Before Accidentally Giving Away Your Technology” – article by attorneys Frank Lauletta & Randy Ford


“Read the Fine Print Before Accidentally Giving Away Your Technology” – article by attorneys Frank Lauletta & Randy Ford – World News Report – EIN News























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Levi’s plans initial public offering

San Francisco – Levi Strauss & Co. says it plans to raise about $100 million through an initial public offering.

The number of shares to be offered and the price range has yet to be determined. The total amount raised may change based on investor demand and other factors.

The San Francisco-based company said Wednesday that it plans to use the proceeds from the IPO for general corporate purposes, including working capital, operating expenses and capital expenditures. It may also use proceeds for acquisitions or other strategic investments.

Levi Strauss made its first pair of jeans in 1873. It was a public company from 1971 until 1985, when it was taken private in a leveraged buyout. Among its key strengths are “iconic brands” and a “unique connection with our consumers,” the company said in regulatory filing.

In its fiscal year ended last November, revenue rose nearly 14 percent to $5.6 billion, and the company earned $283.1 million, or 73 cents per share. But sales are down from their peak in the mid-1990s, while its growth rate more recently has wavered.

The shares will be listed on the New York Stock Exchange under the “LEVI” ticker symbol.

The apparel company’s plans comes amid what could be a strong year for IPOs, especially in the technology industry. Popular messaging app maker Slack, which is valued around $7 billion, earlier this month filed to go public.

Other players that could launch IPOs in 2019 include Airbnb, Pinterest and Peloton, according to venture capital research firm CB Insights.

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Levi Strauss plans to raise $100 million in initial public offering

FILE- In this Feb. 9, 2018 photo Bart Sights, head of the Eureka Lab, compares the markings and damage on jeans that he guesses are close to 30 years old, left, to jeans made within a few hours of this photograph at Levi’s innovation lab in San Francisco. Well-known jeans company Levi Strauss & Co. said Wednesday, Feb. 13, 2019, that it plans to raise about $100 million through an initial public offering. The number of shares to be offered and the price range has yet to be determined. (AP Photo/Jeff Chiu, File)

SAN FRANCISCO (AP) — Well-known jeans company Levi Strauss & Co. says it plans to raise about $100 million through an initial public offering.

The number of shares to be offered and the price range has yet to be determined. The total amount raised may change based on investor demand and other factors.

The San Francisco-based company said Wednesday that it plans to use the proceeds from the IPO for general corporate purposes, including working capital, operating expenses and capital expenditures. It may also use proceeds for acquisitions or other strategic investments.

Levi Strauss made its first pair of jeans in 1873. It was a public company from 1971 until 1985 when it was taken private in a leveraged buyout.

In its fiscal year ended last November, revenue rose nearly 14 percent to $5.58 billion. The company earned $283.1 million, or 73 cents per share.

The shares will be listed on the New York Stock Exchange under the “LEVI” ticker symbol.

Source: Initial Public Offering Search Results
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Stealth Bio’s IPO Raises $78M for Clinical Tests of Mitochondrial Drugs

Xconomy
Boston
— 

Stealth BioTherapeutics has popped up on the radar with a $78 million IPO to fund clinical trials for drugs treating rare mitochondrial disorders.

Shares of Stealth Bio (NASDAQ: MITO) made their stock market debut Friday at $12 apiece, which was the low end of the company’s targeted $12 to $14 range. The biotech sold 6.5 million shares, slightly more than the 6.2 million shares it had planned to offer. Stealth Bio sold American depository shares, which are securities offered by a foreign company for trading on a U.S. stock exchange. The company is based in the Cayman Islands but maintains most of its operations in Newton, MA.

In Stealth Bio’s first day of trading, shares closed at $11.01.

Stealth Bio discovers and develops treatments for diseases involving dysfunction of mitochondria, components of cells that produce energy for cellular functions. Stealth Bio’s lead therapeutic candidate, elamipretide, is a peptide. The company says in its IPO prospectus that the experimental drug targets and binds to cardiolipin, a part of the mitochondrial membrane. This approach is intended to stabilize the inner mitochondrial membrane.

Elamipretide is in Phase 3 testing as a treatment for primary mitochondrial myopathy, a disease that causes muscle weakness and fatigue. The disease, which Stealth Bio estimates affects 40,000 people in the U.S., has no FDA-approved treatment. The company is testing the drug in patients whose disease has a genetic basis; Phase 3 data are expected by the end of this year.

Stealth Bio has tested elamipretide in other mitochondrial diseases, with mixed results so far. The drug failed a Phase 2/3 study In Barth syndrome, a disease characterized by heart muscle weakness. Despite that outcome, Stealth Bio reported improvement in a subset of patients who the company believes are most likely to respond to treatment. Based on those results, Stealth Bio says it will meet with the FDA to discuss a potential application for regulatory approval.

Elamipretide has also been tested in Leber’s hereditary optic neuropathy, an inherited form of vision loss that has no FDA-approved treatment and only one approved treatment in Europe. Though the drug failed in Phase 2 testing, Stealth Bio reported some improvement, and the company is continuing to evaluate the drug in an open-label extension of the study. Stealth Bio says it plans to discuss the study with the FDA.

The drug is also in early-stage testing for another vision disorder, the “dry” form of age-related macular degeneration (AMD). Last June, Stealth Bio closed a $100 million round of venture funding, which the company said would be applied toward a Phase 2b study testing elamipretide in patients who have dry AMD. In its prospectus, Stealth Bio says that study is expected to start later this quarter.

A second Stealth Bio compound, SBT-272, was developed to treat rare neurodegenerative diseases, including amyotrophic lateral sclerosis (ALS). The company says it plans to start a Phase 1 study testing that drug by the end of 2019.

Last year, Stealth Bio reported spending $41.7 million on research and development through the third quarter. According to the prospectus, the company plans to use approximately $25 million of the IPO proceeds to complete Phase 3 testing of its lead drug in primary mitochondrial myopathy. The rest of the cash will be used for clinical development of that drug and SBT-272 in other diseases.

Stealth Bio’s drugs are based on technology licensed from Cornell University and the Institut de Recherches Cliniques de Montréal. The company was incorporated in 2006 under the name “Stealth Peptides.” In 2015, it changed its name to Stealth BioTherapeutics.

Stealth Bio’s largest shareholder is Morningside Venture Investments, whose more than 98 percent stake in the company dropped to approximately 65 percent after the IPO.

Public domain image by Flickr user NIH Image Gallery

Frank Vinluan is editor of Xconomy Raleigh-Durham, based in Research Triangle Park. You can reach him at fvinluan [at] xconomy.com Follow @frankvinluan

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Bank of Lithuania position on virtual assets and initial coin offering reflects changing market realities

Taking into account current market developments and evolving regulatory regimes as well as seeking to ensure a level playing field for all financial market participants, the Board of the Bank of Lithuania has updated its position on virtual assets and initial coin offering. The position is intended for existing and potential financial market participants as well as entities intending to organise initial coin offerings or provide the possibility for Lithuanian investors to invest in this product type.

The term virtual currency, which was used in the previous version of the position, has been substituted with the term virtual assets. The position defines how and when virtual assets may be used for payment, specifies when and how financial market participants may set up investment funds for investment in virtual assets, as well as addresses other relevant issues.

The underlying principles of the position, however, have remained unchanged: financial market participants should not participate in activities or provide services associated with virtual assets; they should also ensure separation of their activities from activities associated with virtual assets. Although financial market participants are still prohibited from receiving payments in virtual assets, the position provides for the possibility of using third-party services. Payments to a financial market participant’s account can only be made in traditional currencies, thus no additional risks are entailed.

Seeking to ensure a level playing field for all financial market participants, the updated position allows creating investment funds intended for professional investors that would invest in virtual assets. Such funds are prevalent in other countries; having completed the notification process, their investment units may be marketed in Lithuania. 

The position states that financial market participants are not allowed to accept virtual assets with the obligation to repay them with or without interest. Given the emergence of new market models, financial market participants are also prohibited from issuing virtual asset loans or accepting virtual assets as collateral (except for cases where virtual asset tokens are considered to be securities). 

The position will be reviewed on a regular basis, upon assessment of financial market developments. The first version of the position was published on 31 January 2014, warning consumers about potential risks that virtual currencies entail. 


Source: Initial Coin Offering Search Results
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Plant-Breeding Biotech Cibus Delays IPO, Citing Market Conditions

Xconomy
San Diego
— 

Cibus on Thursday said it is holding off on the initial public offering that was expected to happen this week.

“We elected to postpone our offering given current market and technical conditions,” said co-founder and CEO Peter Beetham in a press release.

It’s unclear exactly what conditions spurred the company to postpone at the last minute. The announcement leaves open the possibility for an IPO at a later date. In the meantime, Cibus plans to continue selling the canola products it has commercialized, and use its technology to develop more products.

“We look forward to introducing our leading technology in non-transgenic gene editing to the market in the future as we continue to execute our commercial growth plan and strategy to introduce non-transgenic traits to the world’s most essential crops,” Beetham said.

Cibus has developed technology, called RTDS, that it says can quickly develop traits that increase crop yields, improve nutrition, and reduce waste. The FDA doesn’t consider the Cibus gene-editing platform a form of genetic modification because it doesn’t introduce any foreign material into a plant’s genetic code. Cibus already sells an altered canola. It is also developing versions of canola, flax, potato, cassava, peanut, wheat, corn, and soybean.

Cibus says its editing induces mutations that lead to changes that could have otherwise occurred in nature. The company has said it believes there’s a market for improved crops that aren’t classified as genetically modified organisms (GMOs), which have been widely accepted by U.S. farmers, but are banned in some countries. Also, GMOs remain unpopular with some American consumers.

Cibus filed for an IPO in November, saying it planned to use the funds to advance its development of crops with traits appealing to farmers and build out its commercial capabilities. On Feb. 4, Cibus set the IPO terms saying it would offer about 6.7 million shares priced between $14 to $16 apiece. At the midpoint of that range, the company would have raised about $100 million before discounts to its underwriters. The company planned to list on the Nasdaq exchange under the trading symbol “CBUS.”

In addition to its San Diego headquarters, where its research and development takes place, Cibus has subsidiaries in Europe and North America.

The latest San Diego-based company to go public was Gossamer Bio, which raised $276 million in an upsized offering last week.

Sarah de Crescenzo is the editor of Xconomy San Diego. You can reach her at sdecrescenzo@xconomy.com. Follow @sarahdc

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Virgin Trains USA sidetracks planned $538 million IPO

A money-losing Florida railroad running behind schedule on its own projections has put off what would have been the year’s biggest initial public offering so far.

Virgin Trains USA Inc., which shuttles passengers between Miami and West Palm Beach and struck a licensing deal last year with billionaire Richard Branson, sought to raise as much as $538 million in an IPO that was set to price Tuesday.

“As we explored a public offering, a number of alternative financing sources became available that allow us to keep the company private and meet our growth strategies,” Ben Porritt, a spokesman for the Miami-based company, said in an emailed statement.

Virgin Trains may return to the equity market at a later time, said a person familiar with the matter who asked not to be identified because the decision hadn’t been made public at the time.

The offering, which would have valued the company at as much as $3.15 billion, had been expected to price below the marketed price range of $17 to $19 a share, a person familiar with the matter said Monday.

The company is planning to extend its high-speed luxury passenger service to Orlando, home of Disney World. It’s also planning to begin service connecting Southern California to Las Vegas. Those expansions could help increase annual ridership 37-fold to 20.8 million passengers within five years, the company said in its IPO filing.

Tuesday’s IPO decision follows previous delays for Virgin Trains. Last year, the company, owned by Fortress Investment Group private equity funds, had to push back startup dates along the Florida corridor and thus missed its passenger forecast by about half, losing $87.1 million on $5.2 million in revenue in the first nine months.

The IPO was seen as a test for a new listings market that’s already been hamstrung by jittery investors worried about an ongoing trade war with China and the specter of the U.S. government shutting down again if President Donald Trump and Congress fail to sign off on a new spending agreement by Friday’s deadline.

Indeed, the five U.S. IPOs that priced in January raised a combined $353 million, the worst month since January 2016.

Virgin Trains has faced skepticism, too.

‘Great concept’

Josef Schuster, founder of Chicago-based Ipox Schuster LLC, said before the delay that he thought the targeted valuation for Virgin Trains, based on selling 17 percent of the company’s shares, was too high for such a speculative investment.

“It’s a great concept, but I think it’s going to be difficult for shareholders at the outset to make money on this deal,” said Schuster, whose firm oversees about $1.7 billion invested in recent IPOs.

Virgin Trains — known as Brightline before its branding deal with Branson in November — sees shuttling Disney-bound tourists as more lucrative than its current route. It will eventually make three times more revenue from the Orlando run as from short hops between Miami, Fort Lauderdale and West Palm Beach, according to forecasts in a study by the firm Louis Berger, which was commissioned by the railroad.

Overall, Virgin Trains projects its Florida travelers will pay average fairs of $73 apiece by 2023 or early 2024, all the while consuming food and merchandise along with paid advertising.

Virgin Trains has secured all major permits, real estate and track rights for the Orlando expansion and construction is underway, with completion expected in three years. Yet it needed another $1.9 billion on top of the expected IPO proceeds and was discussing as much as $2.3 billion in debt financing for 2019, according to regulatory filings.

Tampa, Las Vegas

Extending service from Orlando to Tampa, Florida, and connecting Las Vegas to Victorville, California, will cost $5.3 billion more. Virgin Trains announced in September that it had agreed to buy DesertXpress Enterprises LLC for $120 million, giving it rights to develop the Las Vegas-Southern California corridor. It also acquired 38 acres for a station and mixed-use development next to the Las Vegas Strip for $150 million.

Train travel elicits a certain nostalgia in Florida even though residents rarely use it. In the 1890s, Standard Oil founder Henry Flagler, whose surname bedecks road signs, schools and subdivisions, built a railroad that transformed the peninsula, much of which had been thought to be unfit for human settlement. Virgin Trains is now trying to revive that route.

In the long run, the company could take its 125-mile-an-hour top speed trains to other U.S. markets that meet its basic criteria: essentially, key population centers separated by about 200 miles to 300 miles.

After the IPO and a related private placement, an entity associated with Branson’s Virgin Group would have owned less than 2 percent of Virgin Trains, according to regulatory filings. Fortress funds planned to retain about 82 percent through their AAF Holdings entity. It wasn’t immediately clear how the delayed IPO would affect the Branson stake.

Train’s share

To succeed, Virgin Trains must convince more Americans to get out of their vehicles, especially in a car-culture state such as Florida. By 2023, the Louis Berger report projects the company will have a 9.9 percent slice of all trips between Orlando and Southeast Florida, with auto travel keeping the lion’s share of the rest.

That forecast presumes passengers would rather spend an estimated three hours 15 minutes on a train with wireless internet access and refreshments than four hours in a car. The National Railroad Passenger Corp., better known as Amtrak, already offers two daily trips between Orlando and Southeast Florida. Virgin Trains said it would differentiate itself by offering more departures and cutting Orlando-Miami travel times by more than two hours.

Passengers on Monday at the impeccable Miami station — still outfitted with the old Brightline logo — included commuters, students and out-of-town travelers.

Zachary Potter, a 43-year-old family lawyer based in Palm Beach, said the train had already allowed him to take more cases in Miami. He’s able to get work done all the way down and back while avoiding highway delays.

“It’s clean. It’s on time. It’s not crowded — and you avoid all the Miami traffic,” he said on his way to the train. “It’s wonderful.”

Virgin Trains needs to deliver on its target operating profit margin of 70 percent — before depreciation and amortization — which would be better than all four other passenger rail systems cited in the IPO document. The projection, based on another independent review by Louis Berger, evaluated revenue and costs from labor, fuel and other overhead. Virgin Trains is unique in that it owns its rail corridor and infrastructure.

Source: Ipo Search Results
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An auction packed with art glass and many other beautiful objects in many genres will be held March 9th by Woody Auction


An auction packed with art glass and many other beautiful objects in many genres will be held March 9th by Woody Auction – World News Report – EIN News























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Virgin Trains USA Delays Planned $538 Million IPO

A money-losing Florida railroad running behind schedule on its own projections has decided to delay what would have been the year’s biggest initial public offering so far, according to a person with knowledge of the matter.

Virgin Trains USA Inc., which shuttles passengers between Miami and West Palm Beach and struck a licensing deal last year with billionaire Richard Branson, sought to raise as much as $538 million in an IPO that was set to price Tuesday. Instead, the company plans to work on alternative financing and return to the equity market at a later time, said the person, who asked not to be identified because the decision hasn’t been made public yet.

Ben Porritt, a Virgin Trains spokesman, didn’t have an immediate comment on the status of the IPO.

The offering, which would have valued the company at as much as $3.15 billion, had been expected to price below the marketed price range of $17 to $19 a share, a person familiar with the matter said Monday.

The company was planning to use the proceeds to extend its high-speed luxury passenger service to Orlando, home of Disney World. It’s also planning to begin service connecting Southern California to Las Vegas. Those expansions could help increase annual ridership 37-fold to 20.8 million passengers within five years, the company said in its IPO filing.

Tuesday’s IPO postponement follows previous delays for Virgin Trains. Last year, the company, owned by Fortress Investment Group private equity funds, had to push back startup dates along the Florida corridor and thus missed its passenger forecast by about half, losing $87.1 million on $5.2 million in revenue in the first nine months.

The IPO was seen as a test for a new listings market that’s already been hamstrung by jittery investors worried about an ongoing trade war with China and the specter of the U.S. government shutting down again if President Donald Trump and Congress fail to sign off on a new spending agreement by Friday’s deadline.

Indeed, the five U.S. IPOs that priced in January raised a combined $353 million, the worst month since January 2016.

Virgin Trains was facing skepticism, too.

‘Great Concept’

Josef Schuster, founder of Chicago-based Ipox Schuster LLC, said before the delay that he thought the targeted valuation for Virgin Trains, based on selling 17 percent of the company’s shares, was too high for such a speculative investment.

“It’s a great concept, but I think it’s going to be difficult for shareholders at the outset to make money on this deal,” said Schuster, whose firm oversees about $1.7 billion invested in recent IPOs.

Virgin Trains — known as Brightline before its branding deal with Branson in November — sees shuttling Disney-bound tourists as more lucrative than its current route. It will eventually make three times more revenue from the Orlando run as from short hops between Miami, Fort Lauderdale and West Palm Beach, according to forecasts in a study by the firm Louis Berger, which was commissioned by the railroad.

Overall, Virgin Trains projects its Florida travelers will pay average fairs of $73 apiece by 2023 or early 2024, all the while consuming food and merchandise along with paid advertising.

Virgin Trains has secured all major permits, real estate and track rights for the Orlando expansion and construction is underway, with completion expected in three years. Yet it needed another $1.9 billion on top of the expected IPO proceeds and was discussing as much as $2.3 billion in debt financing for 2019, according to regulatory filings.

Tampa, Las Vegas

Extending service from Orlando to Tampa, Florida, and connecting Las Vegas to Victorville, California, will cost $5.3 billion more. Virgin Trains announced in September that it had agreed to buy DesertXpress Enterprises LLC for $120 million, giving it rights to develop the Las Vegas-Southern California corridor. It also acquired 38 acres for a station and mixed-use development next to the Las Vegas Strip for $150 million.

Train travel elicits a certain nostalgia in Florida even though residents rarely use it. In the 1890s, Standard Oil founder Henry Flagler, whose surname bedecks road signs, schools and subdivisions, built a railroad that transformed the peninsula, much of which had been thought to be unfit for human settlement. Virgin Trains is now trying to revive that route.

In the long run, the company could take its 125-mile-an-hour top speed trains to other U.S. markets that meet its basic criteria: essentially, key population centers separated by about 200 miles to 300 miles.

After the IPO and a related private placement, an entity associated with Branson’s Virgin Group would have owned less than 2 percent of Virgin Trains, according to regulatory filings. Fortress funds planned to retain about 82 percent through their AAF Holdings entity. It wasn’t immediately clear how the delayed IPO would affect the Branson stake.

Train’s Share

To succeed, Virgin Trains must convince more Americans to get out of their vehicles, especially in a car-culture state such as Florida. By 2023, the Louis Berger report projects the company will have a 9.9 percent slice of all trips between Orlando and Southeast Florida, with auto travel keeping the lion’s share of the rest.

That forecast presumes passengers would rather spend an estimated three hours 15 minutes on a train with wireless internet access and refreshments than four hours in a car. The National Railroad Passenger Corp., better known as Amtrak, already offers two daily trips between Orlando and Southeast Florida. Virgin Trains said it would differentiate itself by offering more departures and cutting Orlando-Miami travel times by more than two hours.

Passengers on Monday at the impeccable Miami station — still outfitted with the old Brightline logo — included commuters, students and out-of-town travelers.

Zachary Potter, a 43-year-old family lawyer based in Palm Beach, said the train had already allowed him to take more cases in Miami. He’s able to get work done all the way down and back while avoiding highway delays.

“It’s clean. It’s on time. It’s not crowded — and you avoid all the Miami traffic,” he said on his way to the train. “It’s wonderful.”

Virgin Trains needs to deliver on its target operating profit margin of 70 percent — before depreciation and amortization — which would be better than all four other passenger rail systems cited in the IPO document. The projection, based on another independent review by Louis Berger, evaluated revenue and costs from labor, fuel and other overhead. Virgin Trains is unique in that it owns its rail corridor and infrastructure.

Source: Ipo Search Results
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From Launch To IPO In 13 Months: Gossamer Bio CEO Says She’s Running Company Of Her Dreams

Shelia Gujrathi is the CEO and cofounder of Gossamer Bio, which went public on February 8, raising over $270 million.

Shelia Gujrathi is the CEO and cofounder of Gossamer Bio, which went public on February 8, raising over $270 million. Photo courtesy of Gossamer Bio

When Celgene bought Receptos in 2015, Dr. Sheila Gujrathi, who was chief medical officer of the smaller biotech at the time, remembers of the acquisition, “It was a little bittersweet to have lost a stellar team that we had created together.” 

But that gave Gujrathi the chance to start something new. Gujrathi didn’t move over to Celgene when Receptos was acquired, but she joined former Receptos CEO Faheem Hasnain and some of their colleagues, taking the next couple of years “to create the company of our dreams,” Gujrathi says.

That ultimately became Gossamer Bio, of which Gujrathi is now CEO. Officially launched in January last year in a whirlwind 13 months, the San Diego startup, which is developing drugs focused on immunology, raised over $300 million in venture capital funding from investors like ARCH and Polaris Partners. It raised another $276 million on Thursday in an initial public offering, selling some 17 million shares at $16 per share. (On Monday the stock was up over 12% from its IPO price, at $18 per share, and Gujrathi’s nonrestricted shares were worth about $25 million.)  

Gossamer has a pipeline of six therapies, three clinical-stage and three preclinical, targeting a range of disease areas from oncology to inflammatory bowel disease to asthma. Planning an IPO just over a year after a company is formed was unusual. In fact, for a few days in January during the government shutdown, Gossamer announced it was going to pursue a rarely used fixed-price IPO that would allow the company to go public without the SEC’s usual input, but it shelved that idea when the government reopened on January 25. Gujrathi said the company needed to go public to raise more capital for its clinical trials.

Gossamer is burning through a lot of cash. As of September 2018 it had $256 million in cash, and in the 9 months ended September 30 its total operating expense was $109 million, according to its S-1. Gossamer’s lead drug candidate is being tested to treat moderate to severe asthma as well as chronic rhinosinusitis, or inflammation of sinuses, with nasal polyps. (Gujrathi herself says she worked on the development of Xolair, an asthma medication, when she was at Genentech in the early 2000s.) The results of a 400-person clinical trial in Japan of its once-a-day pill, the company said in its S-1, showed a “statistically significant improvement” compared with a placebo, with one serious adverse event related to a liver disorder detected in a patient during the study. 

However, in another roughly 200-person study comparing its drug candidate’s effectiveness with montelukast (brand name Singulair), the primary endpoint wasn’t achieved. Gujrathi says that was because the study, which had been set up by a company Gossamer acquired, lacked a patient population essentially sick enough to test the efficacy of either drug. Gujrathi still is confident in the future of the drug. 

“We did want to start the company with programs that we hope would have a higher than average probability of success,” she says. Still, bringing any of Gossamer’s drugs to market is years away. Gujrathi says the company is not expecting to present new data on its lead drug candidate until 2020. And Gossamer will also face competition in the asthma space from companies like Regeneron and Sanofi when it does get to market. 

Gossamer joins a crop of biotechs that have gone public in the last couple of months, most notably Moderna, which raised over $600 million in its IPO but then lost over a third of its value in the weeks following.  

“To be here a year later starting up multiple clinical trials,” Gujrathi says. “We’re just thrilled to be in this position.”

To stay in the loop with Forbes Health coverage, subscribe to the Innovation Rx newsletter here.

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