Inozyme Pharma, a US-based mineralisation disorder drug developer backed by corporates Nan Fung, Novo and Sanofi, has filed for an $86.3m initial public offering on the Nasdaq Global Market.
Spun out of Yale University in 2015, Inozyme is targeting on rare, debilitating diseases caused by abnormal mineralisation and affecting soft tissue, the vascular system and the skeleton.
The company’s lead asset, INZ-701, aims to correct deficiencies in pathways responsible for conditions such as generalised arterial calcification of infancy, a disorder with symptoms including heart failure, difficulty breathing, oedema and hypertension.
INZ-701 is also being explored as a treatment for pseudoxanthoma elasticum, which causes minerals to accumulate in elastic fibres and typically affects the eyes and skin as well as blood vessels. In the longer term, it could be used to combat calciphylaxis, a potentially fatal condition that can arise from chronic kidney disease.
The IPO proceeds will be used to complete investigational new drug and clinical trial authorisation applications to enter INZ-701 into phase 1/2 studies, in addition to pipeline development.
Pivotal BioVenture Partners, an investment firm set up by property developer Nan Fung, co-led Inozyme’s $67m series A2 round with Sofinnova Investments in April 2019, a round that also featured pharmaceutical firms Novo and Sanofi, the latter through its Sanofi Ventures unit.
RA Capital Management, Cowen Healthcare Investments, Rock Springs Capital, Longitude Capital and New Enterprise Associates (NEA) filled out the 2019 round.
Longitude Capital had already led a $49m series A round for the company in 2017, with contributions from Sanofi Ventures, Novo subsidiary Novo Ventures and NEA.
Novo, NEA and Longitude currently each hold 15.6% stakes in Inozyme. Sofinnova owns 11.3%, Pivotal BioVenture Partners and RA Capital Management 10% each and Cowen Healthcare Investments 6%.
BofA Securities, Cowen and Piper Sandler are joint bookrunners for the offering while Wedbush Securities is also an underwriter.
