Kaleido Bio Downsizes IPO, Raises $75M for Microbiome Drug Tests
Summary
Microbiome drugs developer Kaleido Biosciences is joining the ranks of publicly traded biotechs, but it had to sell more shares and cut their price. The drug could also treat hepatic encephalopathy (HE), another type of hyperammonemia in which damage to the liver impairs the organ’s ability to filter ammonia and other toxins from the blood. According to its prospectus, Kaleido will use approximately $60 million of the IPO proceeds to advance its lead drug into Phase 2 testing in adult UCD patients. The company adds that it hopes data from the study will support the inclusion of children in clinical testing, because UCD is mainly a pediatric disease. Kaleido plans to use the rest of the IPO cash for drug development beyond hyperammonemia, as well as investments in its microbiome technology and its efforts to discover new therapies.
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