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Gene Medicine CompanyMetagenomiApplied for Initial Public Offering (IPO) in the United States on Friday (January 5)`, Proposed`Raise up to $100 million through an initial public offering。This will be the only preclinical gene-editing biotechnology company to conduct an initial public offering in the past two years, as investors have cooled on investments in this category.
MetagenomiMetagenomi, Inc. is a preclinical biotechnology company developing therapies using metagenomics-derived genomic editing.Since its establishment in 2018, Metagenomi has received over $400 million in funding from more than 30 investment institutions and pharmaceutical companies, including Bayer, RA Capital, Moderna, Bristol Myers Squibb, SymBiosis, and Catalio Capital Management. The most recent financing was a $100 million round in January 2023, bringing the total Series B financing to $275 million.After raising more than $400 million in private capital,The biotechnology company is expected to be listed on Nasdaq with the stock code $MGX.According to a securities filing, the company's largest shareholders currently include Bayer, Humboldt Fund, Moderna, Sake Holdings, Sozo Ventures, and RA Capital.Metagenomi is a precision gene medicine company developing therapeutic treatments using its proprietary, comprehensive metagenome-derived genomic editing toolbox. Its toolbox includes programmable nucleases, base editors, and RNA- and DNA-mediated integration systems (including prime editing systems and CRISPR-associated transposases). To date, Metagenomi has analyzed over 460 trillion base pairs, predicted more than 7.4 billion proteins, including over 322 million CRISPR-associated proteins and more than 1.75 million CRISPR systems.Currently, Metagenomi has developed multiple pipelines, covering indications such as hemophilia and cystic fibrosis, while also targeting undisclosed objectives in cardiovascular, oncology, and metabolic diseases.All of its candidate products are in the preclinical stage.The company has currently established partnerships with Moderna, Affini-T, and Ionis.In November 2021, Moderna announced a collaboration with Metagenomi.Metagenomi will provide gene editing tools, while Moderna will offer related technologies such as mRNA and lipid nanoparticle delivery technology., to develop curative therapies for patients with severe genetic disorders.In November 2022, Ionis Pharmaceuticals reached a cooperation agreement with Metagenomi worth nearly 3 billion US dollars. This cooperation is divided into two parts. The first part includes four gene targets, and Ionis will pay an advance payment of 80 million US dollars, of which two targets will be co-developed with Metagenomi. When the first of these four targets in the first part is submitted for clinical trials, Ionis will sign a cooperation agreement with Metagenomi for the second part of four targets, with an advance payment of 120 million US dollars. The potential transaction amount for all eight targets is close to 3 billion US dollars.
As of September 30, Metagenomimi has 1.$0.1 billion in cash and equivalents, and $1.91 billion in marketable securities.In the 12 months ended September 30, 2023, collaboration revenue reached $38 million. J.P. Morgan, Jefferies, TD Cowen, Wells Fargo Securities, and BMO Capital Markets are the joint bookrunners for the transaction. Pricing terms were not disclosed.Reference: https://endpts.com
