Graphite Bio, a Phase 1/2-ready biotech developing gene editing therapies for sickle cell and other diseases, raised $238 million by offering 14 million shares at $17, the high end of the range of $15 to $17. The company offered 1.5 million more shares than anticipated.
Graphite Bio claims that its next-generation gene editing platform CRISPR allows it to precisely correct mutations, replace entire disease-causing genes, or insert new genes into predetermined, safe locations. Its lead candidate, GPH101, aims to correct the mutation that causes sickle cell disease and restore normal adult hemoglobin expression. The company has received IND clearance for GPH101 and intends to enroll the first patient in a Phase 1/2 trial in the second half of 2021, with initial proof-of-concept data expected by the end of 2022.
Graphite Bio plans to list on the Nasdaq under the symbol GRPH. Morgan Stanley, BofA Securities, Cowen, and SVB Leerink acted as joint bookrunners on the deal.
