23,5 million euro for a cutting-edge allergy treatment
ASIT Biotech, a Belgian clinical stage biopharmaceutical company focused on the development and future commercialization of breakthrough immunotherapy products for the treatment of allergies, announced the results of its IPO of new shares. The company raised € 23.5 million in new capital at a final offer price of € 7.00 per share and initial market capitalization of € 89.3 million. This allows ASIT to further develop their current product pipeline, to cover general corporate purposes and to accelerate the discovery of product candidates for the new ASIT+™ platform.
The exciting new ASIT+TM technology platform relies on the administration of only 4 sequential immunizations of patients who suffer from hay fever, guaranteeing protection during an entire year. Currently, the 25 million people in Europe who experience hay fever and who need to protect themselves during the pollen season (mid May-late August) must take daily anti-allergenic pills or injections. ASIT Biotech innovation therapy is meant to result in a short treatment, expected to improve patient compliance and daily-life effectiveness.