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Imago BioSciences prices upsized IPO at $16 high end, targeting bone marrow diseases

July 15, 2021

Imago BioSciences, a Phase 2 biotech developing small molecules for bone marrow cancer and diseases, raised $134 million by offering 8.4 million shares at $16, the high end of the range of $14 to $16. The company plans to raise an additional $20 million in a concurrent private placement to Pfizer. At pricing, Imago BioSciences commands a fully diluted market value of $556 million.

Imago Biosciences is developing small molecule product candidates that inhibit lysine-specific demethylase 1, or LSD1, an enzyme that plays a central role in the production of blood cells in the bone marrow. Its lead product candidate, bomedemstat, is being studied in Phase 2 trials for the treatment of myeloproliferative neoplasms, or MPNs, a family of related, chronic cancers of the bone marrow. The candidate has received Orphan and Fast Track designations from the FDA.

The South San Francisco, CA-based company plans to list on the Nasdaq under the symbol IMGO. Jefferies, Cowen, Stifel, and Guggenheim Securities acted as joint bookrunners on the deal.