City Therapeutics, a biotech startup focused on next-generation RNA interference, raised $200 million in its initial public offering on Thursday, selling just over 11.1 million shares at $18 apiece. The company will begin trading on the Nasdaq on Friday under the ticker "CTY." Co-founded by John Maraganore, former CEO of Alnylam Pharmaceuticals, City aims to push RNAi beyond its current liver-focused applications toward chronic conditions and new tissue types.
The most advanced candidate, CITY-FXI, targets the blood-clotting protein Factor XI to prevent thromboembolic diseases while potentially lowering bleeding risk compared with existing medications. Phase 1 testing showed the drug could reduce Factor XI levels by as much as 85%, and a Phase 2 trial in patients at risk of postoperative clots after knee replacement is expected next year. Another candidate, CITY-RBP4, for the genetic eye condition Stargardt disease, is set to enter Phase 1 later this year with results expected in 2027. A third program for anemia of chronic disease, which affects over five million people in the U.S., is slated for an early-stage study in 2027.
Prior to the IPO, City had raised about $239 million in venture funding from Arch Venture Partners, Fidelity Management & Research, and Invus, among others. The company is also pursuing earlier-stage research to deliver RNAi to new tissues, supported by partnerships with Bausch + Lomb and Biogen. The IPO proceeds will support the clinical pipeline and these broader research efforts, according to BioPharma Dive.