3:17 PM
 | 
May 15, 2018
 |  BC Extra  |  Financial News

MeiraGTx plans IPO

MeiraGTx Holdings plc (New York, N.Y.) proposed to raise up to $86.3 million in an IPO on NASDAQ underwritten by BofA Merrill Lynch, Barclays, Evercore ISI and Chardan.

The company is developing a portfolio of gene therapies with programs in ophthalmic disease, salivary gland disease and neurodegenerative disorders. The company's AAV-CNGB3, an adeno-associated virus (AAV) vector that delivers the cyclic nucleotide gated channel beta 3 (CNGB3) gene, is in Phase I/II to treat achromatopsia. The candidate has Orphan Drug and rare pediatric disease designations from FDA and Orphan Drug and PRIME designations from EMA in the indication.

MeiraGTx launched in 2015 out of Kadmon Holdings Inc. (NYSE:KDMN), which remains its largest shareholder with a 17.7% stake. MeiraGTx holds rights to Kadmon's riboswitch technology to switch on and off the expression of transgenes. MeiraGTx's President and CEO Alexandria Forbes was Kadmon's SVP of commercial operations.

MeiraGTx has rights to a pipeline of gene therapies for ocular conditions via its acquisition of Athena Vision plc, a spinout from University College London. Athena's CEO, Stuart Naylor, is now MeiraGTx's chief development officer.

Since its establishment, MeiraGTx has raised more than $110 million in venture financing. After Kadmon, its next largest shareholder is Perceptive Advisors with 16.1%.

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