Biopharmaceutical Alector files for IPO
Alector Inc. , a San Francisco-based clinical stage biopharmaceutical company, is seeking to raise millions in funds via an initial public offering, according to a filing submitted to the Securities and Exchange Commission on Monday. Alector is focused on developing therapies to treat neurodegenerative diseases such as dementia and reported a net loss of $34.9 million on revenue of $18.5 million as of September 2018. The company has mandated Morgan Stanley, Bank of America Merrill Lynch, Cowen and Barclays as underwriters and plans to trade under the ticker ALEC when it lists on the Nasdaq. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.