Longeveron, a Phase 2 biotech developing cellular therapies for aging-related conditions, announced terms for its IPO on Wednesday.
The Miami, FL-based company plans to raise $25 million by offering 2.3 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Longeveron would command a fully diluted market value of $194 million.
Longeveron is a clinical stage biotechnology company developing cellular therapies for specific aging-related and life-threatening conditions. Its lead investigational product is the LOMECEL-B cell-based therapy, which is derived from culture-expanded medicinal signaling cells that are sourced from bone marrow of young healthy adult donors. The company is currently sponsoring Phase 1 and 2 trials in the following indications: Aging Frailty, Alzheimer’s disease, the Metabolic Syndrome, Acute Respiratory Distress Syndrome, and hypoplastic left heart syndrome.
Longeveron was founded in 2014 and booked $6 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol LGVN. Kingswood Capital Markets is the sole bookrunner on the deal.
