Feb. 18 Financial Quick Takes: Imara's IPO filing, Passage's terms, and fundings for OMass and Univercells
Hematology company Imara Inc. filed to raise up to $86.3 million in an IPO on NASDAQ. The company's prospectus said New Enterprise Associates is its largest shareholder with 31.8%, while Lundbeckfond, Pfizer Ventures, OrbiMed Advisers and Arix Bioscience plc (LSE:ARIX) each hold stakes between 10.8-16.3%. Imara's lead candidate IMR-687 is in Phase IIa testing to treat sickle cell disease; the PDE-9 inhibitor is due to begin Phase IIb testing this half for that disorder and β-thalassemia. The company has raised $77.3 million since its 2016 inception. Morgan Stanley, Citigroup and SVB Leerink are underwriters (see "Straightening Out Sickle Cell").
In an updated prospectus, Passage Bio Inc. said it hopes to sell 7.4 million shares at $16-$18 in a planned IPO on NASDAQ. At the midpoint, the gene therapy company would raise $125.8 million at a postmoney valuation of $669.8 million. Co-founded by the University of Pennsylvania's James Wilson, Passage hopes to begin testing three gene therapies for CNS disorders by 1H21 (see "Filing Outlines Passage's Clinical Goals")...