Entrada Therapeutics, a preclinical biotech developing therapies for rare neuromuscular diseases, announced terms for its IPO on Monday.
The Boston, MA-based company plans to raise $150 million by offering 7.5 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Entrada Therapeutics would command a fully diluted market value of $605 million.
Entrada aims to transform the lives of patients by establishing Endosomal Escape Vehicle (EEV) therapeutics as a new class of medicines. EEV therapeutics are comprised of small cyclic peptides that are chemically conjugated to a wide range of specific and active biological therapeutics. The company is initially focused on the development of EEV therapeutics for rare neuromuscular diseases, including Duchenne muscular dystrophy (DMD) and myotonic dystrophy type 1. Its most advanced candidate, ENTR-601-44, is being developed for patients with DMD that are exon 44 skipping amenable. Entrada plans to submit an IND application for ENTR-601-44 in 2022.
Entrada Therapeutics was founded in 2016 and plans to list on the Nasdaq under the symbol TRDA. Goldman Sachs, Cowen, and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of October 25, 2021.
