Cabaletta Bio (CABA) began trading on the Nasdaq on Fri 25 Oct 2019

Cabaletta Bio, Inc. operates as a clinical-stage biotechnology company that focuses on the discovery and development of engineered T cell therapies for B cell-mediated autoimmune diseases.
The company was formerly known as Tycho Therapeutics, Inc. and changed its name to Cabaletta Bio, Inc. in August 2018.

• Sector: Healthcare
• Industry: Biotechnology
• Full Time Employees: 12
• Founded in 2017
• HQ: Philadelphia, Pennsylvania
• http://www.cabalettabio.com

The University of Pennsylvania spinout company priced upsized 6.8 mln share IPO (from 5.8 mln shares) at $11.00, below the expected $14.00-16.00 range.
Raised $74.8 million.
Shares of the firm closed Friday at $10 per share.
Cabaletta posted a loss of $12.2 million in 2018, and $6.9 million through the first six months of this year, according to federal filings.

Founded in 2017, the company is led by Dr. Steven Nichtberger, a former Merck executive who is Cabaletta's co-founder, chairman and CEO. Cabaletta’s foundational platform and lead assets are based on early work conducted at Penn by Drs. Michael Milone and Aimee Payne, both of whom are co-founders of the company.

Nichtberger holds nearly 1.97 million shares of the company, while Payne and Milone both own 1.633 million.

Cabaletta's technology involves the use of Chimeric AutoAntibody Receptor (CAAR) T cells, which are engineered to bind and destroy only disease-causing B cells, while sparing the normal B cells that are essential for human health. CAAR T cells are based on the revolutionary chimeric antigen receptor (CAR) T cell technology developed at the University of Pennsylvania, which led to the first gene therapy approval by the U.S. Food and Drug Administration: the Novartis cancer therapy Kymriah.

The company’s lead therapeutic program is a potential treatment for mucosal pemphigus vulgaris, a rare skin disorder that causes painful blisters and sores on mucous membranes.