Imago BioSciences, a US-based oncology therapy developer backed by contract research organisation Pharmaron and pharmaceutical firms Celgene, Amgen and Merck & Co, has filed for a $100m initial public offering.
Founded in 2012, Imago is working on small molecule drug treatments for serious diseases that affect the bone marrow. Its product candidates target lysine-specific demethylase 1 (LSD1), an enzyme crucial to the production of blood stem cells in the bone marrow.
The company will use the IPO proceeds to advance Bomedemstat through phase 2 and phase 3 clinical trials for essential thrombocythemia, a disorder in which the body produces too many platelets. It will also fund the phase 2 clinical development of Bomedemstat for the treatment of myelofibrosis, a rare type of blood cancer.
The remainder of the proceeds will go towards boosting Imago’s manufacturing capabilities as well as research and the development of Bomedemstat for other indications.
Imago raised $80m in a series C round in November 2020 that included Pharmaron Investments, Amgen Ventures and MRL Ventures, investing on behalf of Pharmaron, Celgene, Amgen and Merck & Co respectively.
Farallon Capital Management led the series C round, which included Irving Investors, Omega Funds, Surveyor Capital, Kingdon Capital Management, Frazier Healthcare Partners, HighLight Capital, Greenspring Associates and Xeraya Capital.
The series C round was also backed by funds and accounts advised by T Rowe Price and funds and accounts managed by Blackrock Advisors in addition to an unspecified fund managed by Blackstone Life Sciences.
Imago had picked up $40m in an early 2019 series B round led by Omega Funds that also featured Pharmaron, HighLight Capital, Greenspring Associates, MRL Ventures Fund, Amgen Ventures and Frazier Healthcare Partners.
The last three had taken part in the company’s $40.5m series A round, in 2017, which included a $26.5m tranche from 2014 led by Clarus Ventures.
Blackstone Group’s Clarus Lifesciences III vehicle has a 14.4% stake in Imago and its other notable investors include Frazier Healthcare Partners (12.4%), Omega Funds (12.3%), Farallon Capital Management (8.8%), Celgene (6.7%), BlackRock (6.6%), T Rowe Price (6.6%), Merck & Co and Amgen (5.3% each).
Jefferies, Cowen and Company, Stifel, Nicolaus & Company and Guggenheim Securities have been appointed underwriters for the offering, which will take place on the Nasdaq Global Select Market.