Another oversubscribed financing for Abivax

French clinical-stage biotech Abivax (Euronext Paris: ABVX) yesterday announced the successful pricing of an oversubscribed 130 million-euro ($139 million) financing with high-quality US and European biotech specialist investors, adding to the 49 million-euro fundraising in September last year. The firm’s shares gained 6.5% to 6.85 euros on the news.

Alongside the launch and continuation of the clinical programs of obefazimod (ABX464), the company extended its cash runway until the end of the second quarter of 2024.

For ulcerative colitis (UC), Abivax’ pivotal Phase III program started enrollment in October 2022. The program will combine two induction trials and one single maintenance trial, involving a total of 1,200 patients and over 600 clinical study centres, mainly in North America, Europe, Latin America and Asia Pacific.