(Bloomberg) -- Artiva Biotherapeutics Inc., a clinical stage biotechnology company backed by South Korea’s Green Cross Corp., raised $167 million in an initial public offering, expanding the size of the share sale.
The San Diego-based company sold almost 14 million shares Thursday for $12 each, according to a statement. Artiva had marketed 8.7 million of them for $14 to $16 apiece.
At the IPO price, Artiva has a market value of about $251 million based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.
The company focuses on developing so-called natural killer cell-based therapies for patients suffering from devastating autoimmune diseases and cancers, the filings show. Its lead product candidate, AlloNK, is currently being evaluated in combination with B-cell targeted mAbs in patients with those conditions, according to the filing.
Artiva had a net loss of $29 million on revenue of $33.5 million in 2023, compared with a net loss of $59 million on revenue of $4.9 million a year earlier, according to the filings.
The company’s investors include affiliates of Green Cross, 5AM Ventures VI LP and RA Capital Healthcare Fund LP, and venBio Global Strategic Fund III LP. GC Corp.’s affiliates will remain the largest shareholder with 13.5% beneficial ownership after the offering, the filings show.
The offering is being led by Jefferies Financial Group Inc., TD Cowen, Cantor Fitzgerald & Co., Wedbush PacGrow and Needham & Co. The company expects its shares to begin trading Friday on the Nasdaq Global Market under the symbol ARTV.
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