Aurion Biotech Pursues IPO Amid Legal Challenges and Clinical Progress

Aurion Biotech, a cell therapy company focused on eye diseases, has filed for an initial public offering (IPO) on the New York Stock Exchange, despite facing legal opposition from one of its investors. The Seattle-based biotech aims to list under the symbol "AURN," joining a recent surge of companies planning public debuts in the pharmaceutical sector.

Legal Dispute Shadows IPO Plans

Aurion's path to going public is complicated by a lawsuit from Alcon Research, a subsidiary of eye care giant Alcon and one of Aurion's existing investors. Alcon Research claims its rights are being violated by the IPO plans, according to court documents cited by The Wall Street Journal. In response, Aurion has countersued, alleging that Alcon Research is attempting to undervalue the company for a potential acquisition.

The legal battle stems from Aurion's $120 million Series C funding round in 2022, which was led by Deerfield Management and included participation from Alcon Research. A judge is expected to make a preliminary ruling on the cases in the coming weeks, potentially impacting the timing and execution of Aurion's public offering.

Advancing Cell Therapy for Corneal Diseases

Despite the legal challenges, Aurion is pressing forward with its clinical development plans. The company intends to use the IPO proceeds to fund the advancement of AURN001, its lead cell therapy candidate for treating corneal endothelial diseases.

Recent phase 1/2 trial results have bolstered Aurion's confidence in AURN001. The highest dose of the therapy, which incorporates a component recently approved in Japan, demonstrated improvements in vision for patients with corneal endothelial disorders. These promising outcomes have prompted Aurion to set its sights on initiating a phase 3 trial, marking a significant step forward in the company's clinical program.

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