Akero Therapeutics (NASDAQ: AKRO) shares opened at $16.16 Thursday morning after pricing of 5.75 million shares of common stock at $16.
Akero was founded in January 2017 and focuses on developing transformative treatments for serious metabolic diseases with high unmet medical need, with the accent on non-alcoholic steatohepatitis, or NASH, which currently has no FDA-approved therapies.
Akero's lead candidate AKR-001, an analog of fibroblast growth factor 21, or FGF21, is being evaluated for NASH. FGF21 is a hormone that regulates metabolism of lipids, carbohydrates and proteins and also protects tissues from various forms of stress.
Akero reported a wider loss of $81.71 million for the fiscal year 2018 compared to $4.56 million in 2017. For the three months ended March 2019, the company reported a loss of $5.36 million.
The stock traded around $16.71 per share at time of publication.
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