Something happened to the next big NASH IPO
A company called 89bio, at work on a treatment for the lucratively prevalent liver disease NASH, was expected to raise $70 million in an IPO yesterday. And then it didn’t, and now it’s unclear what happened.
According to IPO Boutique, a research outfit, the problem stems from an “issue” with the SEC and 89bio’s auditors. A spokesperson for the company didn’t respond to emailed questions yesterday.
Whatever that issue is, 89bio needs to resolve it. As the company noted in its IPO paperwork, “there is substantial doubt as to our ability to continue as a going concern." As of June 30, the company had about $22 million in cash, which, at its current burn rate, would be enough to keep the doors open until the end of the year.
According to IPO Boutique, a research outfit, the problem stems from an “issue” with the SEC and 89bio’s auditors. A spokesperson for the company didn’t respond to emailed questions yesterday.
Whatever that issue is, 89bio needs to resolve it. As the company noted in its IPO paperwork, “there is substantial doubt as to our ability to continue as a going concern." As of June 30, the company had about $22 million in cash, which, at its current burn rate, would be enough to keep the doors open until the end of the year.
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