BOSTON, MASSACHUSSETS — Decibel Therapeutics, a clinical-stage biotechnology company developing novel restorative gene therapeutics to treat hearing loss and balance disorders, filed on Friday with the SEC to raise up to $75 million in an initial public offering (IPO). The news was first reported by IPO investment manager Renaissance Capital.
The company is the latest hearing-focused biotech to file for an IPO. Frequency Therapeutics went public in late 2019 and Akouos filed a successful IPO in June 2020, raising over $200M.
Hair Cell Restoration; Hearing Loss Prevention
Decibel Therapeutics has built a portfolio of product candidates and programs with focus in three areas:
- Gene Therapies for Congenital, Monogenic Hearing Loss designed to restore functional cells within the cochlea to address hearing disorders caused by single gene mutations
- Gene Therapies for Hair Cell Regeneration designed to replace lost hair cells within the inner ear to address acquired hearing loss and balance disorders
- Otoprotection Therapeutic in clinical development to prevent hearing loss in cancer patients undergoing chemotherapy with cisplatin
Product pipeline according to company’s SEC filing on January 22, 2021.
“We have assembled an experienced team of biotechnology executives, prominent inner ear biologists and drug discovery and development experts, as well as a Scientific Advisory Board comprised of leaders in the fields of hearing and balance, gene therapy, single-cell genomics and regenerative medicine. We believe that the promising clinical and preclinical data supporting our product candidates and programs, our platform, broad intellectual property and collaboration with Regeneron support our mission to become the leading biotechnology company focused on developing treatments for hearing and balance disorders. Since our inception, we have raised capital from premier life science focused institutional investors and a leading biopharmaceutical company, Regeneron. Our investors include BlackRock Health Sciences, Casdin Capital, Foresite Capital, GV, Janus Henderson, OrbiMed, S-Cubed Capital, Samsara BioCapital, Sobrato Capital, S.R. One, Surveyor Capital (a Citadel company), Third Rock Ventures and other institutional investors.”
Based upon the company filings, the proceeds raised by the IPO will be used to:
- Advance DB-OTO product candidate for the treatment of profound hearing loss due to mutation of the otoferlin gene, through preclinical studies and initiation of clinical trials
- Continue development of our additional gene therapy programs for congenital, monogenic hearing loss, including AAV.103 and AAV.104
- Continue development of our gene therapy programs for hair cell regeneration, including DB-ATO, AAV.201 and our cochlear hair cell regeneration program
- Fund ongoing Phase 1b clinical trial of DB-020
- Continue development of company platform; and remainder for working capital and other general corporate purposes.
The company plans to list on the Nasdaq under the symbol DBTX.
About Decibel Therapeutics
Decibel Therapeutics is a clinical-stage biotechnology company focused on developing treatments that restore functional hair cells within the inner ear to treat disorders of hearing and balance. Leveraging industry-leading single-cell genomics capabilities and proprietary gene therapy technologies, Decibel has established the world’s first comprehensive research, discovery and drug development platform aimed at restoring hearing and balance function. Decibel’s pipeline, including its lead gene therapy program (DB-OTO) to treat congenital monogenic deafness and its ototoxicity prevention program, is designed to deliver on our vision of a world in which the privileges of hearing and balance are available to all.
Source: Nasdaq, Renaissance Capital, SEC
