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Neurodegenerative disease biotech Vigil Neuroscience sets terms for $112 million IPO

January 3, 2022

Vigil Neuroscience, a Phase 1 biotech developing antibody therapies for neurodegenerative diseases, announced terms for its IPO on Monday.

The Cambridge, MA-based company plans to raise $112 million by offering 7 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Vigil Neuroscience would command a fully diluted market value of $491 million.

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 (ALSP). 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.

Vigil Neuroscience was founded in 2020 and plans to list on the Nasdaq under the symbol VIGL. Morgan Stanley, Jefferies, Stifel, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of January 3, 2022.