Amylyx Pharmaceuticals, a Phase 3 biotech developing therapies to treat ALS, raised $190 million by offering 10 million shares at $19, the midpoint of the range of $18 to $20. The company offered 1.2 million more shares than anticipated.
Amylyx is developing oral small molecule therapies for amyotrophic lateral sclerosis (ALS; Lou Gehrig's disease) and a broad range of neurodegenerative diseases. The company believes its lead candidate, AMX0035, is the first drug candidate to show both a functional and survival benefit in a large-scale clinical trial of patients with ALS. Based on its Phase 2 data, the company submitted an NDS in Canada and an NDA to the FDA in 2021, and plans to submit an MAA in Europe in the 1Q22. While it believes it may gain approval with Phase 2 data, Amylyx also recently initiated a 48-week Phase 3 trial of AMX0035 for the treatment of ALS in the US and Europe.
Amylyx Pharmaceuticals plans to list on the Nasdaq under the symbol AMLX. Goldman Sachs, SVB Leerink, and Evercore ISI acted as joint bookrunners on the deal.
