Recursion Pharmaceuticals, a Phase 2-ready biotech using machine learning to develop therapies for various indications, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
Central to Recursion's mission is the Recursion Operating System, which combines an advanced infrastructure layer to generate proprietary biological and chemical datasets, and the Recursion Map, a suite of custom software, algorithms, and machine learning tools that the company uses to explore foundational biology and navigate to new biological insights. While the company is advancing 37 programs, its most advanced programs include one candidate targeting oncology and three targeting rare genetic disorders, all of which are expected to enter Phase 2 or 2/3 trials within the next four to five quarters.
The Salt Lake City, UT-based company was founded in 2013 and booked $4 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol RXRX. Recursion Pharmaceuticals filed confidentially on January 26, 2021. Goldman Sachs, J.P. Morgan, BofA Securities, SVB Leerink and Allen & Company are the joint bookrunners on the deal. No pricing terms were disclosed.
