Dallas-based clinical-stage biopharmaceutical company Forte Biosciences Inc. (Nasdaq: FBRX) announced an oversubscribed $53 million equity financing to support the continuing clinical advancement of its FB102, a proprietary molecule with potentially broad autoimmune and autoimmune-related applications.
Founded in 2007, Forte is headquartered at Dallas’ Pegasus Park and focuses on autoimmune and autoimmune-related diseases. It will be hosting an R&D Day on Dec. 3, with additional details forthcoming.
“We’re appreciative of the support from new and existing investors including OrbiMed, Janus Henderson Investors, Tybourne Capital Management, Alger, Ikarian Capital, LLC, BVF Partners LP, and The Red Hook Fund LP,” Forte Chairman and CEO Paul Wagner said in a statement. “This financing by high quality institutional investors is transformative for Forte and highlights the meaningful potential for FB102,”
Wagner said the financing means that “Forte is well capitalized to continue advancing FB102 across autoimmune indications.”
He went on to note that a healthy volunteer study has been completed, and a celiac disease trial is now underway with a topline readout projected in the second quarter of 2025.
“We expect to advance FB102 into additional indications over the next 12 months,” Wagner continued, adding that “2025 could be an exciting year of clinical milestones for FB102.”
Forte said that TD Cowen acted as the lead placement agent for the financing. Guggenheim Securities provided Capital Markets Advisory services. Chardan, Rodman & Renshaw and Brookline Capital Markets acted as co-placement managers for the financing.
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