Gene therapy play MeiraGTx Holdings plc (NASDAQ:MGTX) shares were unchanged Friday after the company raised $75 million via the sale of 5 million shares at $15 in an IPO underwritten by BofA Merrill Lynch, Barclays, Evercore ISI and Chardan.
MeiraGTx anticipated selling 5 million shares and priced at the midpoint of its proposed range of $14-$16. The price valued MeiraGTx at $407.8 million.
The company has four clinical gene therapy candidates. Three are in Phase I/II testing for inherited retinal disorders and one is in a Phase I trial to treat xerostomia, a salivary gland disorder which impairs saliva production. All three ophthalmological candidates have Orphan Drug designation from FDA and EMA and the xerostomia program has the same designation from FDA.
MeiraGTx launched in 2015 out of Kadmon Holdings Inc. (NYSE:KDMN), which remains its largest shareholder. MeirGTx also built its ophthalmologic pipeline via the acquisition of Athena Vision plc, a spinout from University College London.