Neurodegenerative Disease Biotech Vigil Neuroscience Prices 7M-Share IPO at $14
Seeking Alpha2022-01-07
- The Cambridge, MA-based Vigil Neuroscience (VIGL) haspricedits IPO of 7M shares of common stock at $14.00/share, for expected grossproceeds of $98.0M.
- The company initially filed to offer7M shares at a price range of $15-$17.
- Underwriters' over-allotment is an additional 1.05M shares.
- Nasdaq trading will commence today on January 7, 2022.
- Closing date is January 11.
- The company is utilizing a precision medicine approach to develop a pipeline of therapies, initially addressing genetically defined patient subpopulations, that it believes will activate and restore immune cell function within the brain.
- Its lead candidate, VGL101, is a fully human monoclonal antibody (mAb) that is initially being developed for adult-onset leukoencephalopathy with axonal spheroids and pigmented glia. In November 2021, the FDA cleared Vigil's IND for VGL101 in ALSP.
- The company initiated its first-in-human Phase 1 trial in December, and topline data is expected in the 2H22.
- Morgan Stanley, Jefferies, Stifel, and Guggenheim Securities are the joint bookrunners on the deal.
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