Foghorn Therapeutics, a preclinical biotech developing gene therapies for hematologic cancers and solid tumors, raised $120 million by offering 7.5 million shares at $16, within the range of $15 to $17. At pricing, the company commands a fully diluted market value of $628 million.
Foghorn is developing a new class of medicines targeting genetically determined dependencies within the chromatin regulatory system through its proprietary Gene Traffic Control platform. The company's two most advanced candidates are being developed for hematologic cancers and solid tumors, and it plans to file INDs in the 4Q20 and 1H21.
Foghorn Therapeutics plans to list on the Nasdaq under the symbol FHTX. Goldman Sachs, Morgan Stanley, Cowen and Wedbush PacGrow acted as joint bookrunners on the deal.
