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Upstream Bio (Nasdaq: UPB) has appointed Allison Ambrose as General Counsel, bringing over 15 years of experience in legal leadership. Ambrose, who previously served as General Counsel at Skyhawk Therapeutics and held leadership roles at Ginkgo Bioworks and Orchard Therapeutics, will oversee all legal functions and join the executive team.
The appointment comes at a important time for Upstream Bio, a clinical-stage company focused on developing treatments for inflammatory diseases, particularly verekitug for severe respiratory disorders. Ambrose's expertise spans corporate governance, securities law, compliance, and capital markets transactions, which will be valuable as the company advances its development programs as a newly public entity.
Upstream Bio (Nasdaq: UPB) announced its upcoming addition to the Russell 2000® Index, effective December 23, 2024, as part of the fourth quarter IPO additions. The Russell 2000® Index, which measures the performance of the U.S. small-cap equity market segment, is widely used by investment managers and institutional investors for index funds and investment strategy benchmarking. The index represents approximately 10% of the total market capitalization of the Russell 3000® Index, including about 2,000 of the smallest securities. Notably, approximately $10.5 trillion in assets are benchmarked against Russell US indexes as of December 2023.
Upstream Bio (Nasdaq: UPB), a clinical-stage company focused on developing treatments for inflammatory diseases and severe respiratory disorders, has announced its participation in the Piper Sandler 36th Annual Healthcare Conference. CEO Rand Sutherland will engage in a fireside chat on December 3, 2024, at 2:00 p.m. ET. The presentation will be accessible via live webcast in the 'Events' section of the company's website, with a replay available for 90 days afterward.
Upstream Bio (Nasdaq: UPB) reported Q3 2024 financial results and business updates. The company is advancing Phase 2 trials of verekitug in severe asthma and CRSwNP, with top-line data expected in H2 2026 and H2 2025, respectively. A Phase 2 COPD trial is set to begin in H2 2025. The company completed an upsized IPO raising $293 million, extending runway through 2027. Q3 financials show cash position of $220.7 million, R&D expenses of $15.4 million (up from $7.8 million in Q3 2023), and a net loss of $16.0 million (compared to $3.1 million in Q3 2023).
Upstream Bio (Nasdaq: UPB), a clinical-stage biotechnology company targeting inflammatory diseases, has announced the pricing of its upsized initial public offering (IPO) of 15,000,000 shares at $17.00 per share. The shares are set to begin trading on the Nasdaq Global Market on October 11, 2024, under the ticker symbol UPB. The offering is expected to close on October 15, 2024, subject to customary closing conditions. Upstream has also granted underwriters a 30-day option to purchase an additional 2,250,000 shares. Gross proceeds from the IPO are expected to be $255.0 million, before deducting underwriting discounts, commissions, and offering expenses. The joint book-running managers for the offering are J.P. Morgan, TD Cowen, Piper Sandler, and William Blair. This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities.
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