Longeveron, a Phase 2 biotech developing cellular therapies for aging-related conditions, raised $27 million by offering 2.7 million shares at $10, the low end of the range of $10 to $12. The company offered 0.4 million more shares than anticipated. At pricing, the company commands a fully diluted market value of $180 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 plans to list on the Nasdaq under the symbol LGVN. Kingswood Capital Markets acted as a lead manager on the deal.
