Entrada Therapeutics, a preclinical biotech developing therapies for rare neuromuscular diseases, raised $182 million by offering 9.1 million shares at $20, within the range of $19 to $21. The company previously planned to offer 7.5 million shares at the same range. At pricing, Entrada commands a market value of $636 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 plans to list on the Nasdaq under the symbol TRDA. Goldman Sachs, Cowen, and Evercore ISI acted as lead managers on the deal.
