4D Molecular Raises $120 Million in Upsized Public Offering of Common Stock
May 5, 2023
Rare Daily Staff
4D Molecular Therapeutics, a clinical-stage biotech harnessing the power of directed evolution for genetic medicines for rare and prevalent diseases, raised $120 million in a public offering of common stock.
The company priced an upsized underwritten public offering of 7.5 million shares of its common stock at a public offering price of $16.00 per share. In addition, 4D Molecular Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock at the public offering price, less underwriting discounts and commissions.
4DMT seeks to unlock the full potential of genetic medicines using its platform, Therapeutic Vector Evolution, which combines the power of directed evolution with approximately one billion synthetic AAV capsid-derived sequences to invent customized and evolved vectors for use in 4DMT’s target candidates.
The company is initially focused on five clinical-stage product candidates in three therapeutic areas for both rare and large market diseases: ophthalmology, pulmonology, and cardiology (Fabry disease cardiomyopathy). The 4DMT customized and evolved vectors were invented with the goal of being delivered at relatively low doses through clinically routine, well-tolerated, and minimally invasive routes of administration, transducing diseased cells in target tissues efficiently, having reduced immunogenicity and, where relevant, having resistance to pre-existing antibodies.
4DMT is currently advancing five product candidates in clinical development: 4D-150 for wet AMD and DME, 4D-710 for cystic fibrosis lung disease, 4D-310 for Fabry disease cardiomyopathy, 4D-125 for XLRP, and 4D-110 for choroideremia.
Photo: David Kirn, co-founder and CEO of 4D Molecular Therapeutics
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