Mikko Lemola
Gene therapy developer Prime Medicine (PRME) has disclosed terms for a proposed $151M initial public offering.
The Cambridge, Mass.-based biotech said in its filing that it was considering offering 8.9M shares priced between $16 and $18 per share, which would raise about $151M if priced at the midpoint.
Underwriters would be granted a 30-day option to buy up to 1.3M additional shares. Lead bookrunners include JP Morgan, Goldman Sachs, Morgan Stanley and Jefferies. Prime hopes to list its shares on Nasdaq under the symbol PRME.
The biotech company has been working on one-time curative genetic therapies using a gene editing technology called Prime Editing. Its first targets are diseases of the blood, liver, eye and ear.
A preclinical stage company, Prime reported a net loss of $53M and no revenue for the six-month period ended June 30, 2022. Prime first filed for an IPO in late September.
Image and article originally from seekingalpha.com. Read the original article here.