89bio Inc (NASDAQ: ETNB) has been in consolidation for the better part of December. Nonetheless, it is still in gains compared to its IPO price. The stock went public in November at an offer price of $16 and at yesterday’s close, it was trading at $27.11. Its price trajectory is in line with a series of positive news that it has announced since it went public.
On the 11th of November, the company announced that, it was presenting at the annual meeting of the American Association for the study of liver disease, for its investigational therapy named, BIO89-100. At the time, the company was doing a presentation that in part, included phase 1 clinical trials on healthy volunteers. The presentation was to demonstrate that BIO89-100 is tolerated well when taken at single doses of up to 78mg. The presentation was also aimed at showing that BIO89-100 had a positive effect on cutting the preference for sweetened water in monkeys struggling with obesity.
More recently, on the 16th of December, the company released its Q3 financial results that included progress on its scientific developments. The company announced that it had started dosing in it PoC phase 1b/2a clinical trial. The trial is evaluating the efficacy of Bio89-100 in patients with nonalcoholic steatohepatitis (NASH), and in those with nonalcoholic fatty liver disease (NAFLD) but who were at an elevated risk of getting NASH. The company further announced that, it expects topline data from the study in H2 of 2020.
The company also announced that, it had issued a new composition of matter patent. The patent covers all the composites of Bio89-100, and the methods for making and using it in treating various therapeutic indications.
In terms of financials, the company announced that, the IPO was a success and that it got gross proceeds of $97.6 million. It also announced that, it had cash and cash equivalents of $16.2 million, significantly higher than the $11.3 million it had in 2018.
Going by its price action, the stock closed yesterday’s session at $27.11 after trading between a low of $26.67 and a high of $30.05. Volumes in the day stood at 97.4k.
About 89bio Inc
89bio Inc is a biopharma company that develops and sells treatments for liver and cardio-metabolic illnesses. It is based in San Francisco, California.