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Genome editing company, LogicBio Therapeutics, plans to begin trading on the Nasdaq under the ticker symbol “LOGC.”
The Company
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LogicBio develops medicines to treat rare diseases with the ;GeneRide platform. This technology is designed to precisely integrate corrective genes into a patient’s genome to provide a therapeutic effect, according to the company's S-1 filing.
“Because GeneRide is designed to have this durable therapeutic effect, we are initially targeting rare liver disorders in pediatric patients where it is critical to provide treatment early in a patient’s life before irreversible disease pathology can occur.”
The company’s lead product candidate LB-001 is designed to treat methylmalonic acidemia, when the body cannot break down specific proteins and fats. The next steps in clinical research should be initiated by the end of 2019, according to LogicBio.
The company also plans to target hemophilia B, alpha-1-antitrypsin deficiency and Crigler-Najjar syndrome with the technology.
In the past six months, the company has presented operating expenses of $6 million, a net loss of $10.5 million and cash burn of $6.3 million.
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The Details
LogicBio plans to raise $75 million with the IPO. The company will offer 5.8 million shares in a price range between $12 and $14. The proceeds will aid the discovery and preclinical development of several liver treatment candidates, the company said.
At the midpoint of the range, LogicBio would have a fully diluted market value of $294 million, according to Nasdaq data.
The company has several large shareholders, such as OrbiMed, which holds a 35.3-percent stake in the company, along with Arix BioScience, Pontifax and BioDiscovery 5.
The IPO's primary book runners are Jefferies, Barclays and William Blair.
The stock opened Friday at $10.71 per share.Related Links:
William Blair Upgrades Vital Therapies Ahead Of September Liver Failure Data
Allogene's IPO: What You Need To Know
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.