Forte Biosciences Shares Are Soaring Today: What's Going On?

Forte Biosciences Inc. (NASDAQ:FBRX) shares are trading higher Wednesday. The company announced a $53 million private placement to fund the development of its autoimmune-focused drug candidate, FB102. Here’s what you need to know.

What To Know: Forte, a clinical-stage biopharmaceutical company focused on autoimmune and autoimmune-related diseases, announced an oversubscribed $53 million equity financing to support clinical trials of FB102, including ongoing research in celiac disease with topline results expected in the second quarter of 2025.

Forte said it also plans to expand FB102 trials to other autoimmune indications within the next year.

The private placement involved institutional investors including OrbiMed, Janus Henderson Investors and Tybourne Capital Management. TD Cowen served as the lead placement agent, with Guggenheim Securities providing advisory services.

“This ...

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