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Metagenomi Announces IPO Of 6.25 Mln Shares To Be Priced Between $15.00 And $17.00/Share
(RTTNews) - Genetic medicines company Metagenomi, Inc. revealed Monday that it will offer 6.25 million shares of its common stock in an initial public offering and expects the IPO price to be between $15.00 and $17.00 per share, according to an amended Form S-1 filing with the U.S. Securities and Exchange Commission.
The Emeryville, California-based company has applied to list its common stock on The Nasdaq Global Market (Nasdaq) under the symbol "MGX."
The company has granted the underwriters an option for a period of 30 days to purchase up to an additional 0.94 million shares of its common stock.
The company estimates that its net proceeds from this offering will be approximately $86.9 million (or approximately $100.9 million if the underwriters exercise in full their option to purchase additional shares of common stock), based on an assumed IPO price of $16.00 per share.
The company intends to use the net proceeds, together with existing cash, cash equivalents and marketable securities, for continued research and development of its therapeutic portfolio, for IND-enabling studies and at least two IND filings, to advance gene editing platform discovery and early-stage research for other potential programs, to advance manufacturing capabilities to support early stage clinical development, and the remainder for general corporate purposes.
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