Alector IPO Banks $176M to Test Alzheimer’s Drugs in Clinical Trials
Alector, a company taking an immunotherapy approach to Alzheimer’s disease and other brain disorders, has raised approximately $176 million in an initial public offering.
The South San Francisco, CA, biotech sold 9.25 million shares Wednesday evening priced at $19 apiece, which was the midpoint of its targeted $18 to $20 per share range. Those shares are expected to begin trading on the Nasdaq Thursday under the stock symbol “ALEC.”
Unlike the long line of failed Alzheimer’s disease drugs developed to clear beta-amyloid protein buildup on the brain, Alector approaches the condition as an immune system problem. It says that underlying Alzheimer’s… Read more »