Tennor Therapeutics priced an $80 million IPO in Hong Kong to fund its antibacterial pipeline, including rifasutenizol (TNP-2198), which the company says could support a targeted combination regimen for H. pylori infection. The company is waiting on China’s NMPA approval of its lead asset to advance the program further. The IPO adds capital to a pre-approval stage as investors assess the viability of combination strategies against H. pylori, a pathogen tied to gastrointestinal disease and worldwide morbidity. Tennor’s disclosure also frames the asset as potentially the first targeted combination regimen in this space. For the antibacterial field, new funding sources remain critical as developers try to translate microbiome and pathogen-targeting approaches into clinical and regulatory-ready evidence.