Gain Therapeutics, a preclinical biotech developing small molecule therapies for lysosomal storage disorders, raised $40 million by offering 3.6 million shares at $11, within the range of $10 to $12. At pricing, the company commands a fully diluted market value of $129 million.
Gain Therapeutics is developing novel therapies to treat diseases caused by protein misfolding, with an initial focus on lysosomal storage disorders. The company has identified and filed three patent applications and one provisional patent application for its novel Structurally Targeted Allosteric Regulators (STARs). Gain expects to obtain additional preclinical data and commence IND-enabling studies for lead compound candidates beginning in 2021.
Gain Therapeutics plans to list on the Nasdaq under the symbol GANX. BTIG and Oppenheimer & Co. acted as lead managers on the deal.
