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Alector IPO Banks $176M to Test Alzheimer's Drugs in Clinical Trials
Apr 15, 2019 | Xconomy
"The South San Francisco, CA, biotech sold 9.25 million shares Wednesday evening pricedat $19 apiece, which was the midpoint of its targeted $18 to $20 per share range. Those shares are expected to begin trading on the Nasdaq Thursday under the stock symbol 'ALEC.'
"Unlike the long line of failed Alzheimer’s disease drugs developed to clear beta-amyloid protein buildup on the brain, Alector approaches the condition as an immune system problem. It says that underlying Alzheimer’s and other neurodegenerative disorders is the work of a brain immune cell called microglia. These cells nourish neurons and clean up cellular debris and harmful proteins, Alector says. The company’s antibody drugs target the mutations in the genes that govern the brain’s immune system, including microglia. The goal is to slow, or even reverse, the deterioration of these immune cells in the brain, according to the prospectus filed with the SEC."
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