US Stock Market Move | Biotech company City Therapeutics (CTY.US) debuts on the U.S. stock market, rising nearly 24% after the open.

On Friday, City Therapeutics (CTY.US) debuted on the U.S. stock market. As of press time, the stock rose nearly 24% to $22.315. The IPO price was $18. City Therapeutics is a clinical-stage biotechnology company headquartered in Cambridge, Massachusetts, founded in 2023, focused on developing a new generation of RNA interference (RNAi) therapies that treat diseases with significant unmet medical needs by inhibiting the expression of specific disease-related proteins. The company's core R&D pipeline includes CITY-FXI for the prevention of thromboembolic diseases, CITY-RBP4 for the treatment of the inherited retinal disease Stargardt disease, and CITY-TFR2 for anemia associated with chronic diseases, among which CITY-FXI has entered Phase I clinical trials. The company was founded by senior experts in the RNAi field, and co-founder and Executive Chairman John Maraganore previously served as CEO of RNAi pharmaceutical pioneer Alnylam.