Rare Daily Staff
Gene therapy developer Homology Medicines said it raised $125 million through a public offering of 5.5 million shares of its common stock at a of $22.50 per share.
Homology is a genetic medicines company seeking to address the underlying cause of rare genetic diseases with significant unmet medical needs. The company’s proprietary platform is designed to utilize its human hematopoietic stem cell-derived adeno-associated virus vectors to precisely and efficiently deliver genetic medicines in vivo either through a gene therapy or nuclease-free gene editing modality across a broad range of genetic disorders.
Homology intends to use the net proceeds from the offering, in addition to its existing cash resources, to advance its lead gene therapy candidate, HMI-102, for the treatment of phenylketonuria (PKU) in adults through a phase 1/2 clinical trial.
It will also use the proceeds to advance both HMI-202, its CNS gene therapy candidate for the treatment of metachromatic leukodystrophy, and HMI-103, its gene editing candidate for the treatment of PKU in the pediatric population, through preclinical studies and potentially into initial clinical trials.
Homology also expects the funding will help it advance its other pipeline programs through preclinical development, further expand its intellectual property portfolio, potentially further expand its manufacturing capacity, and for working capital and general corporate and administrative expenses.
Photo: Arthur Tzianabos, president and CEO of Homology