U.S. Stocks in Motion | Biotech Company Lycia Therapeutics (LYCA.US) Debuts on U.S. Stock Market, Shares Surge Over 32%

Zhitong Finance APP has learned that on Friday, Lycia Therapeutics (LYCA.US), a biotechnology company focused on the treatment of allergic and autoimmune diseases, debuted on the U.S. stock market. After the opening, its share price rose more than 32% to $23.9. The IPO price was $18. Lycia Therapeutics is committed to developing therapies designed to degrade pathogenic extracellular proteins, with an initial focus on autoimmune, inflammatory, and allergic diseases. Its technology platform is called LYTAC (lysosome-targeting chimera), based on the research work of Nobel laureate Carolyn Bertozzi at Stanford University. Its main 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.