WOBURN, MASSACHUSSETTS — Biotech startup Frequency Therapeutics announced the pricing of its initial public offering (IPO) at approximately $84 million.
The company is planning to use funds raised by the IPO to complete the Phase 2a trial of FX-322, a regenerative therapeutic for the treatment of sensorineural hearing loss and also to advance discovery programs in other therapeutic areas using its proprietary Progenitor Cell Activation (PCA) platform.
The company provided the following financial details in a press release relating to the IPO:
“Frequency Therapeutics, Inc. (Nasdaq: FREQ), a clinical-stage biotechnology company focused on harnessing the body’s innate biology to repair or reverse damage caused by a broad range of degenerative diseases, today announced the pricing of its initial public offering of 6,000,000 shares of common stock at a public offering price of $14.00 per share, for total gross proceeds of approximately $84.0 million, before deducting underwriting discounts and commissions.
All of the common stock is being offered by Frequency. In addition, Frequency has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of its common stock at the initial public offering price less the underwriting discounts and commissions. Frequency’s common stock is expected to begin trading on the Nasdaq Global Select Market on October 3, 2019 under the ticker symbol “FREQ.” The offering is expected to close on October 7, 2019, subject to customary closing conditions.”
ABC news story on Frequency’s FX-322 drug:
About Frequency Therapeutics
Headquartered in Woburn, Mass., Frequency Therapeutics is a clinical-stage biotechnology company focused on harnessing the body’s innate biology to repair or reverse damage caused by a broad range of degenerative diseases. Frequency’s progenitor cell activation (PCA) approach stimulates progenitor cells to create functional tissue with the aim of developing disease modifying therapeutics. The company’s lead product candidate, FX-322, is in clinical development and is designed to regenerate auditory hair cells to restore hearing function in patients with sensorineural hearing loss, the most common form of hearing loss. The company is also evaluating its PCA approach in additional diseases, including multiple sclerosis.