Latest IPO on Nasdaq:-'The RAS rush': Rev­o­lu­tion Med­i­cines...

Latest IPO on Nasdaq:-

'The RAS rush': Rev­o­lu­tion Med­i­cines bags re­mark­able $238M IPO raise, more than dou­bling orig­i­nal goal. Rev­o­lu­tion Med­i­cines made it. Less than a month af­ter pen­cilling in $100 mil­lion for its IPO — di­vulging some de­tails about its for­ay in­to the red hot KRAS race along the way — the biotech is go­ing home with $238 mil­lion raised and a new tick­er on the Nas­daq: $RVMD.It did so by of­fer­ing 14 mil­lion shares at $17 each, the top of the range af­ter the biotech re­vised its terms.

Tu­mor cells that are ad­dict­ed to high lev­els of RAS ac­ti­va­tion, they be­lieve se­lec­tive in­hibitors of RAS(ON) will sup­press cell growth and sur­vival and be less sus­cep­ti­ble to adap­tive re­sis­tance mech­a­nisms rec­og­nized for RAS(OFF) in­hibitors.

Ex­ecs plan to de­vote around $150 mil­lion to $175 mil­lion to fund the de­vel­op­ment of their RAS(ON) port­fo­lio, in­clud­ing four pro­grams de­signed to broad­en the RAS hori­zon.