Maryland gene therapy player Regenxbio just raised $138.6 million today in an IPO, opening at $22 per share.
This is much higher than the amount it planned originally to raise – $65 million. In midday trading, shares had already shot up to exceed $30.
The company, a University of Pennsylvania spinout, is developing gene therapy drugs for lysosomal storage disorders and ocular disease.
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The company’s platform, called NAV Technology, is an adeno-associated viral gene therapy. It works by replacing faulty, disease-causing genes with healthy ones.
Regenxbio announced plans of an IPO in August; in January, it had raised $30 million to bring its therapy into the clinic. It’ll kick off Phase 1/2 trials for mucopolysaccharidosis type 1 and homozygous familial cholesteroemia next year, as well as kick off IND-enabling studies for wet age-related macular degeneration
It’s got drugs in the pipeline that treat Hurler syndrome, Hunter syndrome, wet AMD and X-linked retinitis pigmentosa.
The company has 23 products in its pipeline, and rights to 100 patents.
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