Well-timed IPO offers way through Phase I flop for Third Harmonic
Cratering shares in Cambridge, Massachusetts-based inflammatory disease company Third Harmonic Bio (Nasdaq: THRD) reflect a loss in confidence after a Phase I failure.
Third Harmonic is working on next-generation treatments targeting KIT, a cell surface receptor that plays an important role in mast cell function and survival.
With over $100 million in financing still in place from a series B round, the company took the bold step of launching on the Nasdaq earlier this year, despite a broadly bearish environment for biotech stocks.
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