US-based neurodegenerative disease drug developer Vigil Neuroscience has filed for an initial public offering on the Nasdaq Global Market, marking a potential exit for pharmaceutical firm Amgen.
Founded in 2020, Vigil Neuroscience uses microglia, the main active immune cells in the central nervous system, as the basis for drugs intended to target and treat neurodegenerative diseases. It has set a $100m placeholder target for the offering.
Proceeds from the IPO will go toward the development of the company’s line of monoclonal antibodies, VGL101, to treat adult-onset leukoencephalopathy with axonal spheroids and pigmented glia (ALSP) – a progressive disease affecting the brain and spinal cord.
Cash will also be used to continue research on other novel small molecule programmes linked to microglial dysfunction, and for general working capital.
Vigil raised $90m in a series B round in August this year led by Vida Ventures and backed by Amgen and Pivotal BioVentures, a life sciences investment vehicle for drug producer WuXi AppTec.
Surveyor Capital, Orbimed, Cormorant Asset Management, Invus, Deep Track Capital, Rock Springs Capital, Atlas Venture, Northpond Ventures, Hatteras Ventures and Lightstone Ventures also contributed to the August round.
The company had launched in December 2020 with $50m from a series A round co-led by Atlas Venture and Northpond Ventures that also featured Amgen, Hatteras Ventures and Alexandria Venture Investments, the venture capital unit for real estate investment trust Alexandria Real Estate Equities.
Atlas Venture is Vigil’s largest shareholder, with a 24.9% stake, followed by Northpond Ventures (18.2%), Vida Ventures (15.7%), Amgen (15.1%) and Hatteras Venture Partners (5.9%), while Morgan Stanley, Jefferies, Stifel and Guggenheim Securities are underwriters for the offering.
