Small French biotech has big ideas in NASH
Ringing the opening bell at the Nasdaq stock exchange on Wednesday, Lille, France-based biotech Genfit (EPA: GNFT) celebrated its listing in New York, raising 130 million euros ($146 million) in the process.
Markets welcomed the firm’s listing in Times Square, boosting the share price 10% in its first full day of trading. Shares in the French biotech firm, which also has offices in Massachusetts, USA, have been bought and sold in Paris since 2006.
Genfit is focused on discovering and developing drug candidates and diagnostic solutions targeting liver diseases. The firm plans to spend around 40 million euros of the new money on late stage testing for its lead candidate elafibranor, a possible treatment for non-alcoholic steatohepatitis (NASH).
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