Angion Biomedica, a Phase 3 biotech developing small molecule therapies for acute organ injuries, announced terms for its IPO on Monday. The company had previously filed to raise $30 million in May 2014 but withdrew the following October, citing market conditions.
The Uniondale, NY-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. The company plans to raise an additional $25 million in a concurrent private placement to Vifor International. At the midpoint of the proposed range, Angion Biomedica would command a fully diluted market value of $489 million.
The company's lead candidate, ANG-3777, is a hepatocyte growth factor (HGF) mimetic that is currently being evaluated in multiple acute organ injuries and related indications. The candidate is currently in a Phase 3 registrational trial to improve kidney function and reduce the severity of DGF following deceased-donor kidney transplantation in patients showing evidence of early kidney dysfunction, with topline data expected by the end of 2021.
Angion Biomedica was founded in 1998 and booked $3 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol ANGN. Cowen and Stifel are the joint bookrunners on the deal. It is expected to price during the week of February 1, 2021.
