Metagenomi
NEWS
Following a disappointing IPO and the loss of Moderna’s gene editing contract, Metagenomi’s Chief Scientific Officer Luis Borges is departing the biotech.
Citing a strategic prioritization by Moderna, Metagenomi announced Wednesday that the partners have “mutually agreed” to terminate their gene editing agreement.
Shares of preclinical genetic medicines company Metagenomi tanked more than 30% on Friday afternoon in a disappointing debut for its initial public offering, bucking the trend of positive IPOs so far this year.
Despite not having a single candidate in the clinical stage, the Moderna-backed biotech is offering 6.25 million shares for $15 apiece in an initial public offering. Shares are expected to begin trading Friday.
Metagenomi could potentially raise over $100 million if the underwriters exercise their option to purchase additional shares in full, assuming an initial public offering price of $16 per share.
The IPO window is starting to crack open this year, with Metagenomi and ArriVent making their offerings ahead of the J.P. Morgan Healthcare Conference.
Seed and Series A funding are set to drop this year as investors are looking for more advanced, less risky deals, according to an industry analysis from HSBC.
Metagenomi announced a Series B extension financing round led by Moderna, Leaps by Bayer and several others.
BioSpace checked in with some of the members of our NextGen Bio Class of 2022 to see what they’ve done to earn their place on the list - and what’s on the horizon.
JOBS
IN THE PRESS