Mizagliflozin

Gearing up for their public debuts, a trio of biotechs have set terms for their respective offerings this week, which collectively could raise close to $600 million. Lining up to make a run at the IPO window are cardiology company Braveheart Bio, inflammatory disease–focused Attovia and Vogenx, which is advancing an SGLT1 inhibitor for gastric and metabolic conditions. The three companies are part of a cohort of seven total biotechs that joined the IPO queue in the third quarter, after a gangbusters first half. They trail behind Apnimed, which set terms for a $150-million IPO earlier this week, and Scribe Therapeutics, the first biotech to make its debut in the second half with a $128.7-million raise. Still waiting in the wings are Latigo Biotherapeutics and BlossomHill Therapeutics.For related IPO analysis, see Spotlight On: Investors regain appetite for biotech IPOs.Braveheart's cardiac myosin betThe largest raise of the latest bunch could go to Braveheart, which proposed to sell 18.8 million shares at a range of $15 to $17 each. At the midpoint, the firm would raise $300 million and be valued at more than $1.1 billion. With its IPO cash, the biotech plans to launch a pair of Phase III trials evaluating its sole programme, BHB-1893, in both obstructive and non-obstructive hypertrophic cardiomyopathy (HCM). Braveheart in-licensed ex-China rights to the oral cardiac myosin inhibitor in a deal last year with Jiangsu Hengrui Pharmaceuticals worth up to $1.1 billion.If successful in obstructive HCM, BHB-1893 will compete with rival cardiac myosin inhibitors Camzyos (mavacamten) from Bristol Myers Squibb and Cytokinetics' Myqorzo (aficamten).Attovia's ATTOBODIESAttovia is targeting the next-largest offering, having proposed to sell 12.5 million shares at $15 to $17 each. The company would raise $200 at the midpoint and garner a valuation of more than $600 million. The biotech is developing a trio of programmes called ATTOBODIES — biparatopic biologics that use spatial positioning technology to attain picomolar binding affinity. The IPO proceeds will help Attovia next year launch a Phase II trial evaluating lead candidate ATTO-1310 — an ATTOBODY-based IL-31–inhibiting Fc-fusion protein —  for chronic pruritus and high-itch atopic dermatitis (AD).The company also has two preclinical programmes. ATTO-2306 is an ATTOBODY-based IL-13/IL-31–targeting bispecific for AD. while ATTO-1091, a trispecific ATTOBODY-based Fc-fusion protein designed to block TL1A, IL-23 and integrin a4ß7, could help treat inflammatory bowel disease.Vogenx's SGLT1 inhibitorThe third company looking to go public is Vogenx, which is aiming to sell 6.3 million shares at a range of $11 and $13. At the midpoint, it would raise $75 million and secure a valuation of more than $165 million. The offering will help fund the Phase IIb EMERGE study of its lead candidate mizagliflozin, an oral small-molecule inhibitor of SGLT1, a transporter in the gastrointestinal tract that moves dietary glucose into the bloodstream. Vogenx is developing mizagliflozin for post-bariatric hypoglycaemia (PBH), a side effect of bariatric weight-loss surgeries that causes low blood sugar after eating and can lead to confusion, anxiety, shaking and even fainting. It is also studying the asset for gastroparesis and GIP-dependent Cushing’s syndrome (GDCS).