Lexeo Therapeutics, a Phase 1 biotech developing gene therapies for cardio and neuro diseases, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $126 million by offering 9 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Lexeo Therapeutics would command a fully diluted market value of $364 million.
Lexeo Therapeutics is a genetic medicine company focused on fundamentally changing how disease is treated by pioneering science. The company's most advanced cardiovascular candidate, LX2006, is being developed for Friedreich's ataxia cardiomyopathy and is currently being evaluated in an ongoing Phase 1/2 trial. It expects to report additional interim data from this trial in mid-2024. Lexeo's lead Alzheimer's disease candidate, LX1001, is being developed for the treatment of APOE4 homozygous patients with Alzheimer's disease and is in an ongoing Phase 1/2 trial. It expects to complete enrollment in the trial by the end of 2023 and report additional interim data from all cohorts in the 2H24.
Lexeo Therapeutics was founded in 2017 and booked $1 million in grant revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol LXEO. J.P. Morgan, Leerink Partners, Stifel, and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of October 30, 2023.
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