Unity Biotechnology has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company plans to offer 5.0 million shares in the range of $16 to $18 a piece, with an overallotment option for an additional 750,000 shares. At the maximum price, the entire offering is valued up to $103.5 million. The company intends to list on the Nasdaq under the symbol UBX.
The underwriters for the offering are Goldman Sachs, Morgan Stanley, Citigroup and Mizuho Securities.
This firm is focused on fighting age-associated diseases such as arthritis, vision loss and cognitive decline. These diseases tend to cause considerable economic, personal and societal burden and negatively impact quality of life.
It is estimated that providing health care for people over the age of 65 costs four to five times more than for younger individuals. According to the Centers for Disease Control and Prevention, this elderly population of Americans is expected to nearly double by 2050, increasing the economic burden of aging dramatically. Any success increasing longevity without treating underlying diseases of aging would only serve to increase this burden.
As a result of advances over the past three decades, aging is no longer characterized as a single, overarching process but rather as multiple biological and cellular processes working concurrently. There is now evidence that one of these mechanisms, the accumulation of senescent cells, is a major driver of many common age-associated diseases. The selective elimination of these cells extends both the healthspan and lifespan of animals, as demonstrated in published preclinical studies.
According to the filing, the firm said:
We are developing a portfolio of programs targeting specific biological mechanisms implicated in diseases of aging. Our core therapeutic approach targets cellular senescence, and we are currently advancing programs in musculoskeletal, ophthalmologic, and pulmonary disorders. Our clinical development strategy is initially focused on the development of senolytic medicines designed to be administered locally into diseased tissue.
Unity Biotechnology intends to use the net proceeds from the offering to further develop its pipeline, as well as for working capital and general corporate purposes.