May 4 Quick Takes: Following Lyra’s success, Ayala readies for NASDAQ IPO; plus Medable and Hyloris
Ayala sets IPO terms
Ayala Pharmaceuticals Inc., which develops small molecules for cancer, proposed to sell 3.3 million shares at $14-$16 in a NASDAQ IPO. At the midpoint, Ayala would raise $49.5 million and be valued at $181.7 million. The filing comes after Lyra Therapeutics Inc. (NASDAQ:LYRA) posted a double-digit gain following its public debut Friday, signaling continued strength among the sector’s new listings in a season of volatility (see “Lyra Becomes Latest Biotech IPO to Surge”).
Decentralized clinical trial company raises $25M
Medable Inc. raised $25 million in an offering, bringing its total funds raised to more than $45 million. GSR Ventures led the round with participation from PPD Inc. (NASDAQ:PPD). The company aims to accelerate drug development with its decentralized clinical trial platform, and has rolled out a multi-company research framework for COVID-19 diagnostics and treatments. ...