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IPO Revival? CG Oncology, ArriVent Raise a Combined $555M

Two successful biotech IPOs this week have raised optimism for a market recovery. CG Oncology nearly doubled its share price, raising $380m and standing to gain around $347m in net proceeds. They are working on a therapeutic for high-risk non-muscle invasive bladder cancer. Part of the net proceeds from the IPO, along with existing resources, will fund research and development of this treatment, with some also going towards general business functions. ArriVent also had a successful IPO, raising $175m, and could increase its net proceeds to $183m.

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