Generate Arrives on Nasdaq Ready To Finally Show the World AI-Powered Medicines

Generate:Biomedicines began trading on the Nasdaq after completing a $425 million initial public offering. CEO Mike Nally rang the opening bell at the exchange in New York on Friday as the generative biology company entered the public markets. Confetti filled the air while company employees and a child held by a parent celebrated the listing. The company said the proceeds will fund two Phase 3 trials of the anti-TSLP antibody GB-0895 in severe asthma. Additional funds will support a Phase 1b trial for a chronic obstructive pulmonary disease therapy and two early-stage cancer assets. Nally told BioSpace that the listing allows the company to show whether artificial intelligence can produce medicines. Nally said generative AI may have its greatest impact in biology and drug discovery. He noted that the time from a 2021 concept to a Phase 3 asset for GB-0895 represents one of the faster timelines in the sector. The company has partnerships with Amgen and Novartis and received backing for the offering from investors that include Novartis, Samsung and NVIDIA. Nally said biotech investors appear willing to support the technology despite questions about the pace of drug development. He added that declining interest rates could support further biotech activity even as markets remain volatile.