Vogenx, a Phase 2b biotech developing therapies for endocrine and metabolic disorders, announced terms for its IPO on Wednesday.
The Raleigh, NC-based company plans to raise $75 million by offering 6.3 million shares at a price range of $11 to $13. At the midpoint of the proposed range, Vogenx would command a fully diluted market value of $173 million.
VogenX is a clinical-stage biopharmaceutical company focused on the discovery and development of therapies for diseases associated with dysfunctions in human metabolism, including post-bariatric hypoglycemia (PBH) and gastroparesis. The company's lead product candidate, mizagliflozin, is an orally administered, minimally absorbed small molecule inhibitor of sodium-glucose transporter 1 (SGLT1) licensed on a worldwide basis (excluding Japan, Korea, and Taiwan) from Kissei Pharmaceutical. Mizagliflozin has been administered to over 500 subjects across 10 clinical studies to date, including two completed Phase 2 studies in PBH patients, and is currently advancing through a Phase 2b study (EMERGE) in the same indication. The company is also evaluating mizagliflozin in gastroparesis and GIP-dependent Cushing's Syndrome, and maintains a preclinical small molecule candidate, VGX-2857, being explored for metabolic disease indications including weight maintenance.
Vogenx was founded in 2021. It plans to list on the Nasdaq under the symbol VOGX. JonesTrading is the sole bookrunner on the deal.
