Cell therapy company Aurion Biotech is moving forward with plans to IPO despite a pending lawsuit from one of its existing investors.

The eye-disease-focused company plans to list on the New York Stock Exchange under the symbol “AURN,” according to a registration statement filed Jan. 24 with the Securities and Exchange Commission (SEC). The Seattle-based company did not set expectations on the size of its proposed offering in the SEC filing. 

Aurion plans to use its IPO proceeds to help fund clinical development of AURN001, a cell therapy being studied as a treatment for patients with corneal endothelial diseases. Last month, the biotech shared data finding that the highest dose of AURN001—the main component of which recently received approval in Japan—improved vision in a phase 1/2 trial, prompting the company to set its sights on a phase 3 trial.

The biotech’s IPO filing comes amid a rush of planned public debuts, with Aardvark Therapeutics, Metsera and Maze Therapeutics each mapping out their own IPO plans in recent days.

But for Aurion, there’s an added complication in that Alcon Research is suing the biotech to block the IPO.

Back in 2022, Aurion raised a $120 million series C round that was led by Deerfield Management, with participation from Alcon Research.

Recently, though, the shareholder has claimed its rights are being violated by Aurion’s plans to go public, according to court documents cited by The Wall Street Journal. 

“Our suit asks the court to reaffirm Alcon’s rights as a preferred shareholder that are not being honored,” an Alcon spokesperson said in an emailed statement to Fierce Biotech. “While we await the court’s ruling, we remain committed to Aurion’s long-term development and success, as we have been since our initial investment, in the interests of patients who need new therapeutic options, and all Aurion stakeholders.”