Biopharmaceutical firm Pardes Biosciences Inc. plans to spend a large chunk of the funds it raised through a public offering late last month on a pill it is developing to treat Covid-19, including on manufacturing and hiring more clinical staff.
The clinical-stage company, which is based in Carlsbad, Calif., on Dec. 27 listed on Nasdaq after merging with FS Development Corp. II, a special-purpose acquisition company sponsored by venture-capital firm Foresite Capital. Pardes said it raised $274 million, including $199 million from the SPAC’s trust account and $75 million in the form of a private investment in public equity from Foresite, investment manager RA Capital Management and biotech giant Gilead Sciences Inc., among others.
