MeiraGTx, a US-based developer of treatments for genetic disorders backed by biopharmaceutical Kadmon, floated on Nasdaq on Friday after raising $75m in an initial public offering.
The company priced 5 million shares at $15 each. The $75m figures fell short of the company’s initial target of $86.3m, which had briefly been raised to $92m.
Founded in 2015 with assets acquired from Kadmon, MeiraGTx is working on gene therapy treatments that target inherited retinal diseases, neurodegenerative conditions and serious forms of xerostomia, also known as dry mouth syndrome.
The company will put the majority of proceeds into the development of five drug candidates., while additional capital will be used to increase manufacturing capabilities and R&D of other drug candidates and technologies.
The company raised approximately $107m in funding to date, including $5m from biopharmaceutical company Essex Bio-Technology in March 2018.
Kadmon owned a 16.9% stak ahead of the listing that has been reduced to 13%.
Other notable shareholders are hedge fund sponsor Perceptive Advisors (from 15.9% to 12.2%), a vehicle called Adena Estate (from 8.4% to 6.5%), life sciences real estate investment trust Alexandria Real Estate Equities (from 7.9% to 6.1%) and co-founder and chief scientific officer Robin Ali (from 5.2% to 4%).
Merrill Lynch, Pierce, Fenner & Smith, Barclays Capital, Evercore Group and Chardan Capital Markets have been appointed underwriters for the offering.