The biotechnology company previously raised more than $100m from investors including Medimmune, a subsidiary of pharmaceutical company AstraZeneca.

Catabasis Pharmaceuticals, a US-based developer of treatments for inflammatory and metabolic diseases backed by pharmaceutical company AstraZeneca, raised $60m in its initial public offering on Thursday.

The company priced its shares at $12 and issued five million shares on the Nasdaq stock exchange. As of the time of writing, its shares have climbed to $13.50.

Founded in 2008, Catabasis is developing therapies for conditions such as diabetes. The treatments are based on fatty acids including omega-3, a molecule which…