Metagenomi Announces IPO Amid Biotech Sector’s Cooling Investor Interest

Metagenomi, a preclinical gene editing biotech, announced its initial public offering (IPO) plans, aiming to list on the Nasdaq as $MGX. This move came when investor interest in the gene editing sector waned. Having raised over $400 million in private capital, Metagenomi’s significant investors include Bayer, Humboldt Fund, Moderna, Sake Holdings, Sozo Ventures, and RA Capital. The company hired JP Morgan for its IPO and is developing gene therapy programs targeting hemophilia A, cystic fibrosis, and various undisclosed diseases in immuno-oncology, metabolism, cardiovascular, and CNS. Metagenomi’s partnerships include collaborations with Moderna, Affini-T, and Ionis. As of September 30, Metagenomi had $101 million in cash and equivalents and $191 million in marketable securities, with $43 million spent on R&D in 2022. This announcement coincides with Pennsylvania oncology drugmaker ArriVent Biopharma’s IPO filing, indicating a surge in biotech offerings before the upcoming JP Morgan conference in San Francisco.

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[Source: Endpoints, January 5th, 2023]