FibroBiologics, a Phase 1 biotech developing fibroblast-based therapies for chronic diseases, filed on Tuesday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; FibroBiologics will not raise new capital in its listing. The company did not disclose a reference price or anticipated timing of its listing.
The Registered Stockholders plan to sell up to 4.8 million shares. The Registered Stockholders represent nearly all major existing shareholders.
Spun out of former parent FibroGenesis in 2021, FibroBiologics is focused on developing fibroblast-based therapies for patients suffering from chronic diseases with significant unmet medical needs, including degenerative disc disease, multiple sclerosis (MS), wound healing, and certain cancers. Its most advanced product candidates are CybroCell, an allogeneic fibroblast cell-based therapy for degenerative disc disease, and CYMS101, an allogeneic fibroblast cell-based therapy for MS. FibroBiologics has received IND clearance from the FDA for a Phase 1/2 study of CybroCell in degenerative disc disease in the US, conditional upon approval of its master cell bank. The company completed a Phase 1 study of CYMS101 in MS in Mexico, and expects to file an IND application for a Phase 2 trial.
The Houston, TX-based company traces its roots to 2006 and plans to list on the Nasdaq under the symbol FBLG. FibroBiologics filed confidentially on May 18, 2023. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Maxim Group LLC will serve as a financial advisor.
