Finch Therapeutics, a US-based microbiome drug developer backed by quantitative trading firm Susquehanna International Group (SIG), has filed for a $100m initial public offering.
Founded in 2014, Finch is working on biological therapeutics intended to provide missing microbes in order to correct microbial imbalance and counter the diseases it causes.
The IPO proceeds will fund development of CP101, a candidate to treat bacteria-related illness Clostridioides difficile that is intended to enter a phase 3 clinical trial this year, and FIN-211, which is being developed for the gastrointestinal and behavioural symptoms of autism spectrum disorder.
Finch has raised more than $184m in funding, including a $53m series C round in 2019 featuring SIG, Symbiosis, Trans-Pacific Technology Fund, OCV Partners and existing backers Avenir Growth Capital, Shumway Capital, Morgan Noble and Willett Advisors.
All the series C participants bar Morgan Noble returned for the company’s $90m series D round in September 2020 alongside Baupost Group, Humboldt Fund, MSD Capital, MSD Partners, Octave Group and OMX Ventures.
Crestovo Investor, a vehicle for Shumway Capital owner Chris Shumway, holds 30% of Finch’s shares while Nicholas Haft, managing director of OMX Ventures, owns a 7.5% stake and Symbiosis owner Thomas Layton Walton 7.3%.
BofA Securities, Jefferies and Evercore Group have been appointed underwriters for the offering, which is slated to take place on the Nasdaq Global Market.
