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Adlai Nortye Closes $97.5 Million Nasdaq IPO, Drops 27% Lower in Trading

publication date: Sep 29, 2023

Adlai Nortye (NSDQ: ANL), a Hangzhou-New Jersey immunoncology biopharma, completed a $97.5 million IPO on the NASDAQ exchange, consisting of $57.5 million from the public offering and $40 million in a concurrent private placement. Founded in 2016, Adlai Nortye has three candidates in clinical trials and three pre-clinical stage assets. The company’s lead drug, buparlisib, is an oral pan-PI3K inhibitor currently in a global Phase III clinical trial for head and neck squamous cell carcinoma. Adlai Nortye’s shares were priced at $23 per ADS in the offering, but they are trading at $16.90, a loss of 27%. More details....

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