Myokardia Sets Terms for IPO
MyoKardia expects to price more than 4 million shares in the range of $15 to $17 in an IPO valued up to more than $91 million.
MyoKardia has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company expects to price roughly 4.69 million shares in the range of $15 to $17, with an overallotment option for an additional 703,125 shares. At the maximum price, the entire offering is valued up to $91.64 million. The company intends to file on the Nasdaq Global Market under the symbol MYOK.
The underwriters for the offering are Credit Suisse, Cowen, BMO Capital Markets and Wedbush PacGrow.
This clinical stage biopharmaceutical company is pioneering a precision medicine approach to discover, develop and commercialize targeted therapies for the treatment of serious and neglected rare cardiovascular diseases. The initial focus is on the treatment of heritable cardiomyopathies, a group of rare, genetically driven forms of heart failure that result from biomechanical defects in cardiac muscle contraction.
The company has used its precision medicine platform to generate an initial pipeline of four therapeutic programs for the chronic treatment of the two most common forms of heritable cardiomyopathy: hypertrophic cardiomyopathy (HCM) and dilated cardiomyopathy (DCM). MyoKardia has discovered and advanced its lead product candidate, MYK-461, into Phase 1 clinical development. In the first Phase 1 clinical trial, MyoKardia demonstrated proof of mechanism, or the ability of MYK-461 to reduce cardiac muscle contraction, an important biomarker of disease.
It is estimated that as many as 630,000 people in the United States suffer from a form of HCM and that DCM afflicts about a million people in the United States, of which approximately 400,000 have a form of heritable DCM. There are currently no approved therapies indicated for the treatment of HCM or DCM, including heritable DCM, all of which are chronic and debilitating diseases.
MyoKardia expects to use the net proceeds from this offering to fund the clinical development of MYK-461 through the completion of its planned Phase 2 trial, as well as to fund new and ongoing research and development activities, working capital and other general corporate purposes.
ALSO READ: 5 Big Oil and Gas Stocks Analysts Want You to Buy Now
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
