The Zhitong Finance App learned that on Friday, Lycia Therapeutics (LYCA.US), a biotech company focusing on the treatment of allergies and autoimmune diseases, entered the US stock market. After opening, the stock price rose more than 32% to 23.9 US dollars. The IPO price is $18. Lycia Therapeutics is dedicated to developing therapies designed to degrade disease-causing extracellular proteins, with an initial focus on autoimmune, inflammatory, and allergic diseases. The technology platform is called LYTAC (Lysosomal Targeted Chimera) and is based on Nobel Prize winner Carolyn Bertozzi's research work at Stanford University. Its main drug candidate, LCA-0061, aims to degrade immunoglobulin E (IgE) to treat allergic diseases, including food allergies, and is currently in phase 1 clinical trials.

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