Alector has raised around $176m through an IPO, selling 9.25 million shares at $19 each to become 2019's second biotech unicorn. The shares will trade on the Nasdaq. The company approaches brain disorders, including Alzheimer’s disease, as a problem of the immune system. Alector believes the brain immune cell microglia, which cleans harmful proteins and cell debris, is behind such disorders. Its drugs are therefore aimed at mutations in the genes that control the immune system to slow the deterioration of immune cells, including microglia. Alector said funds raised through the IPO would be used to develop further tests.
Alector has raised around $176m through an IPO, selling 9.25 million shares at $19 each to become 2019's first biotech unicorn. The shares will trade on the Nasdaq. The company approaches brain disorders, including Alzheimer’s disease, as a problem of the immune system. Alector believes the brain immune cell microglia, which cleans harmful proteins and cell debris, is behind such disorders. Its drugs are therefore aimed at mutations in the genes that control the immune system to slow the deterioration of immune cells, including microglia. Alector said funds raised through the IPO would be used to develop further tests.