US Stock Market Move | Biotech company Lycia Therapeutics (LYCA.US) debuts on the U.S. stock market, shares surge over 32%.
Lycia Therapeutics debuted on the U.S. stock market, with its shares surging over 32% after the opening bell to $23.9.
On Friday, biotech company Lycia Therapeutics (LYCA.US), which focuses on treatments for allergic and autoimmune diseases, debuted on the U.S. stock market. Its shares rose more than 32% after the opening bell to $23.9. The IPO price was $18. Lycia Therapeutics is dedicated to developing therapies designed to degrade pathogenic extracellular proteins, with an initial focus on autoimmune, inflammatory, and allergic diseases. Its technology platform, called LYTAC (lysosome-targeting chimera), is based on research conducted at Stanford University by Nobel laureate Carolyn Bertozzi. Its lead drug candidate, LCA-0061, is designed to degrade immunoglobulin E (IgE) for the treatment of allergic diseases including food allergies, and is currently in Phase 1 clinical trials.
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