Backsburg biotech company Landos Biopharma Inc. has gone public.
Blacksburg biotech company goes public, hopes to treat autoimmune diseases
An initial public offering of stock, priced at $16 a share, was expected to raise $100 million to develop possible new treatments for autoimmune diseases.
The Landos labs at the Virginia Tech Corporate Research Center have “identified seven novel immunometabolic targets and product candidates” for the treatment of such ailments as ulcerative colitis, Crohn’s disease, lupus, rheumatoid arthritis, multiple sclerosis, Alzheimer’s disease, asthma, psoriasis, chronic obstructive pulmonary disease and type 1 diabetes.
Those descriptions and scores of scientific charts have been filed by Landos with the U.S. Securities and Exchange Commission.
Founder Josep Bassaganya-Riera, a research professor of immunology at Virginia Tech until last year, told The Roanoke Times in 2019 that he was considering taking his company public in a future year. The company began in 2017.
Its workforce in September 2020 totaled 33 people at the Virginia Tech business park and at a small office in Ashburn, the filing said.
The company has not released an update on the sale, which was expected to sustain Landos into 2023. The company is still without revenue from commercial sales but is spending heavily on research funded by financing raised in past years from private investors. During the nine months that ended Sept. 30, 2020, Landos reported a loss of nearly $18.7 million.
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