4D Molecular Therapeutics, which is developing targeted gene therapies for multiple diseases, announced terms for its IPO on Monday.
The Emeryville, CA-based company plans to raise $100 million by offering 4.8 million shares at a price range of $20 to $22. At the midpoint of the proposed range, 4D Molecular Therapeutics would command a fully diluted market value of $491 million.
4D is developing product candidates using its targeted and evolved AAV vectors, initially focusing on ophthalmology, cardiology, and pulmonology. Its lead candidates include 4D-125, which is currently in a Phase 1/2 trial for X-linked retinitis pigmentosa with initial data expected in 2021; 4D-110, which is currently in a Phase 1 trial for choroideremia with initial data expected in 2022; and 4D-310, which is currently in a Phase 1/2 trial for Fabry disease with initial data expected in 2021. It has two additional candidates that it expects to file INDs for in the 2H21.
4D Molecular Therapeutics was founded in 2013 and booked $17 million in collaboration and license revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol FDMT. Goldman Sachs, BofA Securities and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of December 7, 2020.
