ADARx Pharma has announced plans to launch an initial public offering (IPO) targeting up to $372 million, with an anticipated valuation of $1.74 billion. The San Diego-based firm intends to offer 21.9 million shares priced between $15 and $17 each, with trading set to begin on Nasdaq under the ticker ADRX. The company’s primary candidate, onvuzosiran, remains in late-stage testing for hereditary angioedema, with clinical results anticipated in 2025. This therapy operates by silencing the prekallikrein gene in liver cells, a mechanism directly tied to reducing swelling episodes in patients with this rare disorder.
The company’s development pipeline also features agazisiran, a mid-stage inhibitor targeting complement factor B for autoimmune kidney diseases, alongside ADX-626, a phase 1 asset focused on stroke prevention. AbbVie has already secured a $335 million upfront payment as part of an $8 billion collaboration agreement, while also acquiring a 4.9% equity stake through a private placement aligned with the IPO. This stake is valued between $80 and $100 million.
Unlike earlier siRNA therapies that faced challenges in public markets due to high development expenses, ADARx benefits from AbbVie’s backing and a late-stage asset. The company’s emphasis on genetic silencing, rather than gene editing, may also address investor concerns about long-term safety, an issue that previously hindered other firms in this space.
TRex Bio, supported by Eli Lilly, is pursuing capital to advance its regulatory T cell (Treg) platform, which targets immune-related disorders through innovative biological approaches. The South San Francisco company plans to raise funds specifically for TRB-061, a TNFR2 agonist currently in early-stage trials for atopic dermatitis, with top-line data expected by mid-2025. Its Deep Biology methodology involves mapping immune dysfunction in human tissue, a strategy that led to a $1.1 billion licensing deal with Lilly for TRB-051, now in phase 2a testing for lupus.
The company’s pipeline further includes TRB-071, a CD30-targeting therapy scheduled to enter inflammatory bowel disease trials in early 2027. TRex will list on Nasdaq as TRXB, leveraging Lilly’s endorsement of its Treg-based approach, a model that contrasts with earlier immune-modulation strategies, which often encountered skepticism before clinical validation.
Retension Pharma is reintroducing the PDE5 inhibitor class, originally created for hypertension before its repurposing for erectile dysfunction. The Virginia-based firm’s lead candidate, RTN-001, is designed to treat resistant hypertension by selectively targeting cardiovascular tissues. The drug was licensed from Sanofi, and Retension plans to list on Nasdaq as RTSN, using proceeds to finalize a phase 2a trial.
