Odyssey Therapeutics, an immune-focused biotech company, has completed a $279 million initial public offering, rebounding after withdrawing its initial filing last year. The company, led by founder and CEO Gary Glick, is advancing a pipeline of drugs targeting autoimmune diseases and cancer.
The IPO adds to a recent string of sizable new biotech stock offerings, signaling renewed investor appetite for the sector. Odyssey's platform focuses on small-molecule drugs, including a preclinical candidate for inflammatory bowel disease and an earlier-stage asset for cancer immunotherapy.
Odyssey had initially filed for an IPO in 2023 but withdrew the offering amid a challenging market for biotech IPOs. The company refiled earlier this year and priced the offering at $279 million, according to BioPharma Dive.
Proceeds from the offering are expected to fund Odyssey's lead programs through early clinical trials. The company has not disclosed a specific timeline for its first human studies, though it aims to file an investigational new drug application for its IBD candidate by late 2025.
Investors should note that Odyssey has no approved products and has yet to generate revenue. The biotech IPO market remains volatile, and the company's success hinges on clinical data from its early-stage pipeline, which carries inherent development risk.