Funding Daily Summary
Funding Daily Summary: What Happened on October 17, 2026
City Therapeutics raises $200 million in upsized IPO
The RNA interference company plans to fund clinical programs, platform development and preclinical research with the proceeds.
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Today in brief
City Therapeutics raised $200 million in an upsized IPO, selling more than 11.1 million shares at $18 each.12 The shares closed Friday at $22.40, 24% above the IPO price.3
City raises $200 million for RNAi programs
City Therapeutics raised $200 million in an upsized IPO, pricing more than 11.1 million shares at $18 each, up from an initial plan to sell 9.7 million shares.1 The company develops RNA interference (RNAi) medicines, which reduce production of specific proteins.14
City said preliminary results in healthy volunteers showed 60% to 85% knockdown of Factor XI after one injection, and the drug was generally well tolerated.1 The company expects to report additional Phase 1 results later in 2026 and plans to start a Phase 2 study in total knee replacement patients in mid-2027.1
City plans to spend about $30 million on CITY-FXI clinical work, $20 million on CITY-RBP4 development and about $40 million on CITY-TFR2 studies.1 The company estimates that its cash, including IPO proceeds, will fund operations into late 2028.1 It plans to put about $70 million toward its platform and preclinical candidates.1