Immix Biopharma Receives Tepid Wall Street Reception in IPO Debut

Pat Maio
Pat Maio has held various reporting and editorial management positions over the past 25 years, having specialized in business and government reporting. He has held reporting jobs with the San Diego Union-Tribune, Orange County Register, Dow Jones News and other newspapers in Ohio, West Virginia, Maryland and Washington, D.C.
Immix Biopharma Receives Tepid Wall Street Reception in IPO Debut
Photo by National Cancer Institute on Unsplash

Immix Biopharma Inc., a Santa Monica-based biotechnology company, got slammed in its trading debut this week, losing 27% of its value in its first day of trading on Nasdaq.

On Friday, the tiny biotech’s stock closed at $4 a share, a recovery of about 9% from its previous opening day’s close.

The nine-year-old company, which is known for its tissue-specific therapeutics that aims to help doctors rely less on traditional chemotherapy, was cofounded by Ilya Rachman, a physician at the world renowned Cedars-Sinai Medical Center in Los Angeles.

Immix raised $21 million in its IPO.

Proceeds from the IPO will be used to fund clinical trials for several of its cancer therapeutics that target tumors, colorectal cancer and soft tissue sarcoma. It’s planning several trials of its therapies, or medical treatments, in 2022.

Overall, the company is focusing its research on soft-tissue sarcomas, which are a group of cancers found in blood vessels, fat cells and the lining of joints.

Gabriel Morris, chief financial officer of Immix, did not return phone calls seeking comment on his company’s initial public offering, or IPO, and its tepid reception that it received on Wall Street.

In an email, Morris wrote Friday that the company is in a regulatory and legal “quiet period” which prohibits the company from making any public statements for another 25 days.

In 2020, the early stage growth company with a market capitalization of $26.4 million, reported a loss of $1.1 million. It also reported a loss of $1.6 million in its first nine months of 2021.

In filings with the U.S. Securities and Exchange Commission, Immix says that its competitors include biotech firms like Kymera Therapeutics Inc.; Morphic Holding Inc.; RAPT Therapeutics Inc.; Arena Pharmaceuticals Inc.; Landos Biopharma Inc.; and, Seres Therapeutics Inc.

dot.LA reporter Keerthi Vedantam contributed to this post.

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Energy Shares Gears Up To Bring Equity Crowdfunding to Retail Investors

David Shultz

David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

Energy Shares Gears Up To Bring Equity Crowdfunding to Retail Investors
Photo by Red Zeppelin on Unsplash

The Inflation Reduction Act contains almost $400 billion in funding for clean energy initiatives. There’s $250 billion for energy projects. $23 billion for transportation and EVs. $46 billion for environment. $21 billion for agriculture, and so on. With so much cash flowing into the sector, the possibilities for investment and growth are gigantic.

These investment opportunities, however, have typically been inaccessible for everyday retail investors until much later in a company’s development–after an IPO, usually. Meaning that the best returns are likely to be captured by banks and other institutions who have the capital and financing to invest large sums of money earlier in the process.

That’s where Pasadena-based Energy Shares comes in. The company wants to help democratize access to these investment opportunities and simultaneously give early-stage utility-scale energy projects another revenue stream.

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How These Ukranian Entrepreneurs Relocated Their Startups to LA and Found Success

Aisha Counts
Aisha Counts is a business reporter covering the technology industry. She has written extensively about tech giants, emerging technologies, startups and venture capital. Before becoming a journalist she spent several years as a management consultant at Ernst & Young.
How These Ukranian Entrepreneurs Relocated Their Startups to LA and Found Success
Joey Mota

Fleeing war and chasing new opportunities, more than a dozen Ukrainian entrepreneurs have landed in Los Angeles, finding an unexpected community in the city of dreams. These entrepreneurs have started companies that are collectively worth more than $300 million, in industries ranging from electric vehicle charging stations to audience monetization platforms to social networks.

Dot.LA spent an evening with this group of Ukrainian citizens, learning what it was like to build startups in Ukraine, to cope with the unimaginable fear of fleeing war, and to garner the resilience to rebuild.

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