Spark Therapeutics, a US-based gene therapy technology developer backed by healthcare provider Children’s Hospital of Philadelphia (CHOP), has filed to raise up to $86.3m in an initial public offering on Nasdaq.
Spark is developing a range of one-time treatments for genetic diseases, and it expects to secure Phase 3 clinical trial data for its lead product candidate, which will treat a rare blinding condition, in the second half of this year.
The proceeds from the offering will support the Phase 3 trial, as well as the clinical development of a second candidate and a programme for the treatment of haemophilia.
Spark spun out of CHOP’s Center for Cellular and Molecular Therapeutics in late 2013 with $50m of funding from the hospital, which has retained a 53.4% share.
The company subsequently secured $72.8m in May 2014 from Sofinnova Ventures, which holds an 11.45% stake, Baker Brothers, which owns 7.6%, Brookside Capital, Deerfield Management, Rock Springs Capital, T. Rowe Price and Wellington Management.
J.P. Morgan and Credit Suisse are the joint bookrunners for the IPO. The other underwriters are Cowen and Company and Sanford C. Bernstein.