Inozyme Pharma, a preclinical biotech developing therapies for diseases of abnormal mineralization, announced terms for its IPO on Monday.
The Boston, MA-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Inozyme Pharma would command a fully diluted market value of $332 million.
The company's lead candidate, INZ-701, is a soluble, genetically engineered fusion protein that is designed to correct a defect in the mineralization pathway caused by ENPP1 and ABCC6 deficiencies. The company plans to file an IND with the FDA and CTAs with regulatory authorities in Europe for INZ-701 in the 2H20, and plans to begin two Phase 1/2 clinical trials after.
Inozyme Pharma was founded in 2015 and plans to list on the Nasdaq under the symbol INZY. BofA Securities, Cowen and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of July 20, 2020.
