Imago BioSciences, a Phase 2 biotech developing small molecules for bone marrow cancer and diseases, announced terms for its IPO on Monday.
The South San Francisco, CA-based company plans to raise $105 million by offering 7 million shares at a price range of $14 to $16. The company plans to raise an additional $20 million in a concurrent private placement to Pfizer. At the midpoint of the proposed range, Imago BioSciences would command a fully diluted market value of $499 million.
Imago Biosciences is discovering and developing small molecule product candidates that target lysine-specific demethylase 1, or LSD1, an enzyme that plays a central role in the production of blood cells in the bone marrow. Its lead product candidate, bomedemstat, is being advanced for the treatment of myeloproliferative neoplasms, or MPNs, a family of related, chronic cancers of the bone marrow. Bomedemstat has completed enrollment of a Phase 2 trial in patients with an MPN known as myelofibrosis, and is currently enrolling patients in a Phase 2 trial in patients with an MPN known as essential thrombocythemia.
Imago BioSciences was founded in 2012 and plans to list on the Nasdaq under the symbol IMGO. Jefferies, Cowen, Stifel, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of July 12, 2021.
