24/7 Market News Snapshot 20 November, 2024 – Forte Biosciences, Inc. Common Stock (NASDAQ:FBRX)

November 20, 2024

DENVER, Colo., 20 November, 2024 (247marketnews.com) – (NASDAQ:FBRX) are discussed in this article.
Forte Biosciences, Inc. (NASDAQ:FBRX), a clinical-stage biopharmaceutical company specializing in the treatment of autoimmune diseases, has experienced a significant surge in its stock price, climbing by 54.06% during a recent trading session. The stock opened at $5.608 and peaked at $9.128, driven by robust investor interest and an impressive trading volume of 4.20 million shares. This momentum follows the company’s successful completion of an oversubscribed equity financing round, raising $53 million to support its clinical development efforts.

CEO Paul Wagner, Ph.D., expressed gratitude for the strong backing from both new and existing investors, including prominent firms such as OrbiMed and Janus Henderson Investors. The capital infusion will primarily drive the advancement of FB102, Forte’s proprietary drug candidate. With the successful conclusion of a Phase 1 healthy volunteer study and a pivotal trial for celiac disease currently underway, preliminary results are anticipated in the second quarter of 2025.

Forte is also exploring additional indications for FB102 over the coming year, positioning itself for potential clinical milestones. To further engage stakeholders, the company plans to host a Research and Development Day on December 3, where details of its innovative therapies and future strategies will be shared.

TD Cowen acted as the lead placement agent for the financing, with Guggenheim Securities providing advisory support, while Chardan and Rodman & Renshaw served as co-placement managers. As Forte Biosciences steadily progresses in its mission to develop groundbreaking treatments for autoimmune conditions, the recent funding and stock performance underscore the significant potential of its clinical portfolio. The continued focus on advancing FB102 reflects the company’s commitment to addressing critical health challenges faced by patients with autoimmune diseases.

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