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November 14, 2022

CT biotech firm announces $50M public offering for development programs

HBJ Photo | Steve Laschever Rallybio’s co-founders (from right to left) are: Martin Mackay, Jeffrey Fryer and Dr. Stephen Uden.
By Andrew Larson

After going public in July 2021, biotech startup Rallybio Corp. is seeking to raise an additional $50 million through an offering of 5 million shares at $6 per share.

The company, which develops treatments for people with rare and severe diseases, expects the offering to close Nov. 15.

Rallybio plans to use the money for development programs.

The offering is in addition to nearly $93 million the company raised in its initial public offering last year. The company initially sold 7.13 million shares at $13 per share.

The company was founded by three former Alexion Pharmaceutical executives at UConn’s Technology Incubation Program facility in Farmington. It moved to New Haven in 2020.

It has also begun Phase I clinical trials on a drug, RLYB212, which aims to prevent fetal and neonatal alloimmune thrombocytopeniaa, a blood disorder that affects pregnant women.

Rallybio trades on the Nasdaq under the ticker symbol RLYB.

Shares of Rallybio closed at $5.59 per share on Friday, down from $15 per share a year earlier.

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