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July 6, 2021

New Haven biotech Rallybio to go public in $100M IPO

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

Less than four years after a team of former Alexion Pharmaceuticals executives launched a startup to develop new therapies for severe and rare disorders, their venture is going public.

On Friday, just ahead of the July 4 long weekend, Rallybio registered its initial public offering of public shares with the U.S. Securities & Exchange Commission, indicating it hopes to raise $100 million.

The company intends to use the proceeds, as well as the approximately $128 million cash it has on hand from private investment rounds, to advance its drug candidates further into clinical trials. The company would trade on the Nasdaq Global Market under the ticker symbol RLYB.

Rallybio’s lead drug candidate is a monoclonal antibody called RLYB212, which aims to prevent a life-threatening condition called fetal and neonatal alloimmune thrombocytopenia, or FNAIT, which causes pregnant woman to develop antibodies that attack their fetus’ platelets, creating a risk for uncontrolled bleeding. The company hopes to enter phase one trials for the drug early next year.

Founded in early 2018 by Martin Mackay, Dr. Stephen Uden and Jeffrey Fryer, Rallybio has already completed Series A and Series B investment rounds totaling $183 million, and it counts the quasi-public Connecticut Innovations as one of its backers.

While Rallybio still leases a small lab in its original home -- UConn’s Technology Incubation Program (TIP) facility in Farmington -- the company completed a move to New Haven last year, where it has 4,500 square feet of space at 234 Church St.

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