Regulus Therapeutics Files For Up To $57.5 Mln IPO

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8/18/2012 3:14 AM ET

Regulus Therapeutics, a biopharmaceutical company focused on developing drugs that target microRNA, disclosed in a regulatory filing that it has filed to raise up to $57.5 million in an initial public offering. Pricing terms of the offering were not disclosed.

According to the filing with the Securities and Exchange Commission, the company said that it intends to list on the NASDAQ Global Market under the symbol RGLS.

The company intends to use the net proceeds of this offering and the concurrent private placement for preclinical and clinical development of initial microRNA development candidates, for the identification and validation of additional microRNA targets, and for capital expenditures, working capital and other general corporate purposes.

The San Diego, California-based company, which was formed in 2007, reported net loss of $4.85 million on total revenue of $6.65 million for the six-month ended June 30,2012.

Lazard Capital Markets, Cowen & Company, BMO Capital Markets, Needham & Company, and Wedbush PacGrow Life Sciences are the joint bookrunners on the deal. No pricing terms were disclosed.

Regulus Therapeutics is backed by Isis Pharmaceuticals and Alnylam Pharmaceuticals, currently optimizing anti-miRs in five distinct programs, both independently and with strategic alliance partners, AstraZeneca AB, or AstraZeneca, GlaxoSmithKline plc, or GSK, and Sanofi.

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