Gene Therapy Developer LogicBio Raises $70 Million in IPO
Rare Daily Staff
LogicBio Therapeutics, a genome editing company focused on developing medicines to treat rare diseases, completed a $70 million initial public offering.
The company sold 7 million shares at a price of $10 each. The shares are trading on the Nasdaq Global Market under the ticker “LOGC. The price came below the expected range. The company had planned to sell 5.7 million shares for between $12 and $14 each.
LogicBio ended its first day of trading at $11.50, up $1.50, a 15 percent gain on volume of more than 880,000 shares.
The company’s lead therapeutic in development is a gene therapy for methylmalonic acidemia, a genetic disorder the results in an inability to breakdown certain proteins and fats. The result is a buildup of a substance called methylmalonic acid in the blood.
Cambridge, Massachusetts-based LogicBio is a genome editing company focused on developing medicines to durably treat rare diseases using GeneRide, its proprietary technology platform. GeneRide enables the site-specific integration of a therapeutic transgene in a nuclease-free and promotorless approach by relying on the native process of homologous recombination to drive lifelong expression.
October 19, 2018