CRISPR gene editing player Editas Medicine just set the terms for its forthcoming IPO, according to a new regulatory filing.
The Cambridge-based startup will offer 5.9 million shares, priced between $16 to $18 to raise an upsized $122 million. It plans to trade on the NASDAQ under ticker symbol “EDIT.”
This is a relatively small fundraise, considering the fact that just five months ago it raised an impressive $120 million Series B round – with a notable backer including Bill Gates. It was founded in 2013 with a $43 million Series A.
Editas’ most advanced program, as stated in its prospectus, is its work in treating Leber Congenital Amaurosis Type 10, an inherited form of progressive blindness with no approved therapies or clinical trials in the U.S. or Europe. It plans to kick off a proof-of-concept clinical trial next year for this program.
Editas has gene editing programs underway, in partnership with Juno Therapeutics, to engineer T cell therapies for cancer. It’s interested in addressing genetic, infectious and oncologic diseases of the liver, lung, blood, eye and muscle.
The company initially filed for an IPO on January 4. The following day, it announced two new leadership appointments – with alums from Cubist Pharmaceuticals and Biogen.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
[Image courtesy of Flickr user andylepp]
