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IPO Alert: 4D Molecular Therapeutics (FDMT)

4dmoleculartherapeutics dec10 lt

Emeryville, California-based 4D Molecular Therapeutics is scheduled to make its debut on the Nasdaq Global Select Market today (December 11), under the ticker symbol "FDMT."

The clinical-stage gene therapy company, developing product candidates using its targeted and evolved AAV vectors for multiple diseases, has offered to sell 8.4 million shares of its common stock in the IPO at a price of $23.00 each. The underwriters have a 30-day option to purchase up to 1.26 million additional shares of common stock.

The offering, which is scheduled to close on December 15, 2020, is expected to register gross proceeds of roughly $193.2 million.

Underwriters of the IPO:

Goldman Sachs, Bank of America Securities, Evercore ISI.

Pipeline and Near-term Catalysts:

The company has three product candidates in clinical development.

-- 4D-125, which is in a phase I/II clinical trial for the treatment of X-linked retinitis pigmentosa (XLRP), with initial data expected in 2021.
-- 4D-110 currently in a phase I clinical trial for the treatment of choroideremia, with initial clinical data expected in 2022.
-- 4D-310, currently in a phase I/II clinical trial for the treatment of Fabry disease, with initial clinical data expected in 2021. It has received fast track designation from FDA.
-- 4D-150, for the treatment of wet age-related macular degeneration (wet AMD) and diabetic retinopathy, is under IND-enabling studies. Submission of IND and initiation Phase 1/2 clinical trial for 4D-150 is expected in the second half of 2021.
-- 4D-710 is in IND-enabling preclinical development for cystic fibrosis lung disease. Submission of IND and initiation Phase 1/2 clinical trial for 4D-710 is expected in the second half of 2021.
-- 4D-135 is in preclinical development for autosomal dominant retinitis pigmentosa (adRP) due to mutations in the RHO gene, for which IND-enabling studies are expected to be initiated in 2021.

Licensing deal:

Roche holds an exclusive worldwide license rights to 4D-110 and has the exclusive option to in-license 4D-125 prior to initiation of pivotal clinical trials.

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