MeiraGTx goes public for $75m

MeiraGTx, a US-based developer of treatments for genetic disorders backed by the UCL Technology Fund, floated on Nasdaq on Friday after raising $75m in an initial public offering.

The company priced 5 million shares at $15 each. The $75m figures fell short of the company’s initial target of $86.3m, which had briefly been raised to $92m.

MeiraGTx is working on gene therapy treatments that target inherited retinal diseases, neurodegenerative conditions and serious forms of xerostomia, also known as dry mouth syndrome.

The company was founded in 2015 through a series of deals that involved assets from Athena Vision, a biotechnology spinout from University College London (UCL) developing gene therapies to treat eye diseases, and biopharmaceutical firm Kadmon.

The company will put the majority of proceeds into the development of five drug candidates., while additional capital will be used to increase manufacturing capabilities and R&D of other drug candidates and technologies.

The company raised approximately $107m in funding to date, including $70m in a series B round in 2017 that featured the UCL Technology Fund, a vehicle managed by Albion Capital that invests in the university’s spinouts.

Kadmon owned a 16.9% stake ahead of the listing that has been reduced to 13%.

Other notable shareholders are hedge fund sponsor Perceptive Advisors (from 15.9% to 12.2%), a vehicle called Adena Estate (from 8.4% to 6.5%), life sciences real estate investment trust Alexandria Real Estate Equities (from 7.9% to 6.1%) and co-founder and chief scientific officer Robin Ali (from 5.2% to 4%).

Merrill Lynch, Pierce, Fenner & Smith, Barclays Capital, Evercore Group and Chardan Capital Markets have been appointed underwriters for the offering.

– A version of this article first appeared on our sister site, Global Corporate Venturing.