Revolution Medicines Inc (NASDAQ: RVMD) Rallies On Market Debut And Raises $238 million

Revolution Medicines Inc (NASDAQ: RVMD) was one of the top-performing stocks on Friday. The company went public on the 13th of February at $17 and on Friday, it closed the day at $28.31, representing gains of 66%. On Thursday, the company’s stock marked its first day in the market and started trading at the upper side of the revised price range.  It sold 14 million shares at $17 a share, and raised $238 million. This was a boost from an earlier plan to list the company’s shares in the $14 to $16 range for 10 million shares.

The IPO was underwritten by Cowen, SVB Leerink, JP Morgan and Guggenheim. The company intends to use the money raised from the IPO to fund research and development on clinical trial candidates. It also intends to use some of that money to fund general corporate issues.

From its prospectus, the company states that it is a clinical-stage oncology company that focuses on making new targeted therapies aimed at inhibiting elusive, frontier targets in notorious survival and growth pathways. The prospectus further states that, the company’s key emphasis is on mTOR signaling and RAS pathways.

About Revolution Medicines Inc

Revolution Medicines Inc is a biotech company that develops therapies aimed at inhibiting targets mainly within the mTOR and RAS signaling pathways.  Its lead candidate is RMC-4630, an SHP2 inhibitor. The treatment is in phase 1b/2 study and is aimed at treating RAS-dependent tumors.  Other of its products that are also in pre-clinical testing are SOS1, and RMC-5552. SOS1 turns RAS (OFF) to ON in cells. On the other hand, RMC-5552 is a mTORC1 inhibitor. In pushing its developments forward, the company also works with other companies. For instance, it collaborates with Sanofi on the research and development of SHP2 inhibitors. It is based in Redwood City, California.