Imago Biosciences has announced plans to file for an IPO in the US, while The Trendlines Group Ltd has retracted its IPO application on the Tel Aviv Stock Exchange in Israel.
Xeraya-backed Imago BioSciences files for US listing
Clinical stage biopharmaceutical firm Imago BioSciences — a portfolio company of Malaysian VC Xeraya Capital — has filed for an initial public offering in the US, according to a press release.
This is the second company within Xeraya Capital’s portfolio to opt for a public listing in the last month, after Rapid Micro Biosystems Inc.
Founded in 2012 and headquartered in California, Imago BioSciences is focused on developing novel therapeutics for the treatment of blood cancers.
Imago Biosciences has priced its IPO at $16 per share and is expecting gross proceeds of $134.4 million. Imago will also sell an additional $20 million of its common stock in a concurrent private placement at the public offering price per share to NYSE-listed biopharmaceutical giant Pfizer Inc.
The company did not state in the press release whether it will list on NYSE or Nasdaq.
Imago is expecting to use the funds for the clinical development of bomedemstat that can be used for the treatment of Essential Thrombocythemia (MF). “MF and ET are debilitating diseases and we are confident that Imago’s efforts will ease the suffering of those MF/ET patients in the not too distant future,” said Fares Zahir, CEO of Xeraya Capital which first invested in Imago in 2019.
SGX-listed The Trendlines Group scraps Israeli IPO
Israel-based The Trendlines Group Ltd announced that it will not be proceeding with its proposed dual primary listing and securities offer on the Tel Aviv Stock Exchange (TASE) in Israel. The company is also listed on The Singapore Exchange (SGX).
The proposed TASE listing was announced in April 2021, after the company applied to the Israeli Securities Authority (ISA) to publish a prospectus on the TASE on March 31, 2021.
Upon further assessment following the application, the company has declared that various factors, including prevailing general economic and capital market conditions were unfavourable to the company, leading them to not proceed with the listing.
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