It’s all in the genes. Metagenomi, Inc. (MGX Proposed), a preclinical gene editing company backed by COVID-19 vaccine maker Moderna, disclosed terms for its IPO early today (Monday, Feb. 5, 2024) and launched the deal to price on Thursday night, Feb. 8, 2024. The stock is expected to trade Friday, Feb. 9, on the NASDAQ.
J.P. Morgan, Jefferies, TD Cowen, Wells Fargo Securities, BMO Capital Markets and Chardan are the joint book-runners.
The IPO’s launch comes exactly a month after Metagenomi filed its S-1.
Metagenomi, based in Emeryville, California, is a precision genetic medicines company whose in vivo targets are metabolic diseases, hemophilia A, cardiovascular disease, CNS diseases and cystic fibrosis. The company’s ex vivo targets are both in Immuno-oncology, according to Fierce Biotech.
Moderna, the mRNA company that developed a COVID-19 vaccine, is a principal stockholder in Metagenomi with a pre-IPO stake of 5.47 percent.
In October 2021, Metagenomi entered into a collaboration and license agreement with ModernaTX, Inc., focused on advancing a new genome editing system for in vivo (inside the body) human therapeutic applications, the prospectus says.
Metagenomi’s founder and CEO is Brian C. Thomas, Ph.D. Since December 2022, Dr. Thomas has also served as chairman of the board of directors of Haya Therapeutics, Inc., the prospectus says. From 2001 to 2017, Dr. Thomas was a program manager at the University of California, Berkeley.
For a preclinical biotech going public, Metagenomi is among the few with substantial collaboration revenue. Metagenomi Therapeutics had $37.95 million of collaboration revenue for the 12 months that ended Sept. 30, 2023, when it also reported a net loss of $63.6 million.
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