Rare Daily Staff
Homology Medicines completed an upsized initial public offering at the top of its expected range to raise $144 million.
The company initially expected to offer 6.7 million shares at between $14 and $16 per share.
Homology is developing therapies that fix or replace a faulty gene that drives a monogenic disease. It has a proprietary platform that uses viral vectors derived from human hematopoietic stem cells to deliver the treatments to patients it believes offers significant benefits over existing approaches.
It’s lead program in preclinical development is a gene therapy for phenylketonuria, or PKU. PKU is a rare genetic condition caused by a mutation in the PAH gene. PKU results in an enzyme deficiency that needed to metabolize most protein-containing foods. If left untreated, the condition can cause progressive and severe neurological impairment.
The stock, which is listed on the Nasdaq Global Select Market under the ticker FIXX, traded as high as $24.40 on volume of nearly 3 million shares in its first day of trading. It closed at $18.66, up more than 16 percent.
March 28, 2018