Rare Daily Staff

Tenaya Therapeutics, a preclinical biotech developing therapies for both rare genetic and more prevalent heart disease, raised $180 million in an upsized initial public offering of 12 million shares of its common stock at $15.00 per share.

The company sold 2 million more shares than expected and priced at the midpoint of its proposed range. The shares will trade on the Nasdaq Global Select Market under the ticker symbol “TNYA.” In addition, Tenaya has granted the underwriters a 30-day option to purchase up to 1.8 million additional shares of its common stock at the initial public offering price, less underwriting discounts and commissions.

Tenaya is the 20th rare disease drug developer to complete an IPO so far this year, with these companies raising a collective $3.8 billion in new capital to advance their programs.

Founded by leading cardiovascular scientists from Gladstone Institutes and the University of Texas Southwestern Medical Center, Tenaya is developing therapies for rare genetic disorders as well as for more prevalent heart conditions through three distinct but interrelated product platforms: gene therapy, cellular regeneration, and precision medicine.

The company’s preclinical pipeline includes gene therapies for two rare genetic heart conditions—hypertrophic cardiomyopathy (HCM) and arrhythmogenic RV cardiomyopathy (ARVC). There are currently no therapies approved that address the underlying causes of these diseases.

Genetic HCM is due to MYBPC3 gene mutations, estimated to affect more than 115,000 patients in the United States. These mutations can cause the heart walls of affected individuals to become significantly thickened, leading to fibrosis, abnormal heart rhythms, cardiac dysfunction, heart failure, and sudden cardiac death in some adults and children.

Genetic ARVC is due to PKP2 gene mutations, estimated to affect more than 70,000 patients in the United States. These mutations can cause enlargement of the right ventricle in affected individuals, replacement of heart muscle with fibrotic tissue and fatty deposits, and severely abnormal heart rhythms (arrhythmia) that can make it harder for the heart to function properly and result in sudden cardiac death in some adults and children.

Tenaya plans to submit Investigational New Drug applications to the U.S. Food and Drug Administration for its gene therapy programs in 2022.

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