AN Venture Partners (ANV) today congratulated its portfolio company, City Therapeutics Inc. (“City”), on its initial public offering (IPO) on the Nasdaq Global Market. City’s shares began trading on October 16, 2026, and the upsized offering closed on October 19, 2016, with gross proceeds of approximately USD 230 million, including the full exercise of the underwriters’ option to purchase additional shares. City is the first ANV portfolio company to complete an IPO.
City Therapeutics (City) is a clinical-stage biotechnology company focused on engineering the next generation of RNA interference (RNAi) therapeutics to deliver meaningful and durable benefits for patients in need. The company’s development pipeline includes three lead programs targeting critical human conditions: CITY-FXI for thromboembolic disorders, a principal global cause of mortality; CITY-RBP4 for Stargardt disease, a major driver of early-onset vision loss; and CITY-TFR2 for chronic disease-associated anemia, aimed at relieving severe physical fatigue and minimizing reliance on blood transfusions.
Founded in 2023, City counts leading Japanese RNAi scientists, Professor Yukihide Tomari of the University of Tokyo and Professor Kotaro Nakanishi of the Ohio State University among its co-founders. City exemplifies how scientific innovation and the U.S. biotech ecosystem can come together to advance new therapeutics.
“We are delighted to congratulate City Therapeutics on this impressive milestone,” said Ken Horne, Managing Partner at AN Venture Partners. “Achieving an IPO just three years after founding is a remarkable accomplishment that reflects the company’s strong growth and execution.”
For the full announcement, please see City Therapeutics' press release here.About AN Venture Partners (ANV)
ANV is a Tokyo and San Francisco-based multi-stage, global biotech venture capital firm specializing in bridging innovative science from Japan with the US start-up ecosystem. ANV Fund I is a USD200 million fund that closed in June 2025. The firm was established in 2022 by a group of experienced venture capitalists from Japan and the United States, who have a wealth of experience building start-ups. ANV is committed to strengthening Japan’s biotech ecosystem and founded initiatives such as Science2Startup Japan to accelerate ecosystem growth. For more information, please visit www.an.vc.
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