Neumora Therapeutics, a biopharmaceutical firm with investments from industry leaders Amgen and SoftBank, has initiated the process for an initial public offering (IPO) in New York. The move comes amidst a renewed interest in IPOs, following a series of deals in the U.S. and European markets after a period of startup listing delays due to market fluctuations.
Neumora is focused on advancing its lead drug candidate, navacaprant, which shows potential as an oral treatment for major depressive disorder. The company expects results from its first late-stage trial for the drug by the latter half of 2024, following positive outcomes from a mid-stage trial that demonstrated the drug’s efficacy in reducing depression symptoms in patients with moderate-to-severe forms of the disorder.
Although the exact details of the IPO, including size and timeline, remain undisclosed in the filing submitted to the U.S. securities regulator, Neumora intends to list its shares on the Nasdaq under the ticker symbol “NMRA.”
Former AbbVie executive Henry Gosebruch has been appointed as Neumora’s CEO. Amgen’s substantial equity investment of $100 million in Neumora in 2021, along with support from SoftBank, highlights the startup’s potential to bring innovative therapies to mental health treatment. The IPO signals Neumora’s aspiration to establish itself as a significant player in the biopharmaceutical sector, addressing unmet needs in mental health treatment.