The missing link: Catabasis Pharmaceuticals sets terms for $60 million IPO

Catabasis Pharmaceuticals, which is developing combined therapies for Duchenne muscular dystrophy and high cholesterol, announced terms for its IPO on Thursday.

The Cambridge, MA-based company plans to raise $60 million by offering 4.3 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Catabasis Pharmaceuticals would command a fully diluted market value of $207 million.

Catabasis claims that its SMART (Safely Metabolized And Rationally Targeted) linker concept treats diseases by simultaneously modulating multiple biological targets in one or more related disease pathways. Most of the IPO proceeds will be used to fund a trial for Duchenne Muscular Dystrophy using its SMART linker conjugate therapy.

Catabasis Pharmaceuticals, which was founded in 2008, plans to list on the NASDAQ under the symbol CATB. It initially filed confidentially on January 23, 2015. Citi, Cowen & Company, Oppenheimer and Wedbush PacGrow are the joint bookrunners on the deal. It is expected to price during the week of June 22, 2015.