United Kingdom-based biotech company Nightstar Therapeutics (NASDAQ:NITE) announced last week that it plans to raise around $86 million to help fund its gene therapy trials in an initial public offering. Nightstar has hinted back in April its plans to launch its IPO.
The biotech company which started back in 2013 plans to study rare retinal diseases by developing gene therapies and running trials intends to fund the project as it offers around 5.4 million shares at a price of around $13 to $15 per share.
Earlier this month, the company filed an amended F-1 form at the U.S. Securities and Exchange Commission(SEC) with the aforementioned provisions along with an option to allow another 804,000 shares. The initial public offering has the potential to reach a value of as much as $92.46 million should it be offered at the maximum price.
Nightstar Therapeutics which is also known as a retinal gene therapy company has been developing therapies that targeted blind causing diseases. These includes projects such as treatment for choroideremia.
According to the company’s F-1 filing, they have been able to see an improved visual acuity in around 90% of those patients that participated in their study which is one year since undergoing the company’s gene therapy treatment.
The company which would be moving into the third phase of the study by next year was not able to generate revenue last year and even reported a loss of 69 cents per share or a total of $12.2 million.
Nightstar is currently headed by a team of biopharma vets with experience in the study. Its F-1 filing also revealed that it has spent around $40 million since the beginning of the year until June as it kicks of the third phase of its study.
The company reportedly has created a team which will focus on the expansion of their clinical trial program in public markets. Former Pfizer (NYSE:PFE) clinical lead Tuyen Ong is set to become the company’s chief development officer.
The gene therapy company intends to use the ticker symbol “NITE” and list its American depositary shares on the Nasdaq composite index. Among the underwriters for the initial public offering of Nightstar shares includes BMO Capital Markets and Jefferies, Leerink Partners.