Finch Therapeutics Group announces the pricing of its upsized initial public offering to target $127.5M
Before deducting underwriting discounts and commissions and offering expenses, Finch is expected to receive $127.5 million gross from its IPO. All of the shares of common stock are being offered by Finch, and in addition, Finch has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions [1].
Longevity.Technology: Finch Therapeutics is a clinical-stage microbiome therapeutics company leveraging its Human-First Discovery platform to develop a novel class of orally-administered biological drugs. Developing both complete and targeted microbiome therapeutics, Finch is advancing a pipeline of candidates designed to address a wide range of unmet medical needs. Finch’s lead candidate, CP101, is in late-stage clinical development for the prevention of recurrent C. difficile infection (CDI), and has received Breakthrough Therapy and Fast Track designations from the FDA.
After the announcement last Thursday, Finch’s shares began trading on the Nasdaq Global Select Market on Friday, 19 March 2021 under the ticker symbol “FNCH.” The offering is expected to close on 23 March 2021, subject to customary closing conditions. BofA Securities, Jefferies and Evercore ISI are acting as joint book-running managers for the offering.
A registration statement relating to the shares being sold in this offering has been filed with the US Securities and Exchange Commission and was declared effective on 18 March 2021. The offering of the shares is being made only by means of a prospectus forming part of the effective registration statement relating to these shares.
“Our IPO is an exciting step that will help fuel our mission to transform lives with microbiome therapeutics.”
Finch tweeted: “Our IPO is an exciting step that will help fuel our mission to transform lives with microbiome therapeutics. We thank our incredible team members, board members, investors, business partners, and the clinicians and patients that have participated in our clinical trials.”
In June 2020, Finch announced that CP101 met its primary efficacy endpoint in PRISM3, the first of two pivotal trials to support the development of CP101 for the prevention of recurrent CDI. Finch plans to initiate a Phase 3 trial, referred to as PRISM4, as its second pivotal trial of CP101 for recurrent CDI. Finch is also developing CP101 for the treatment of chronic hepatitis B virus, and FIN-211 for the treatment of the gastrointestinal and behavioural symptoms of autism spectrum disorder. In partnership with Takeda, Finch is advancing FIN-524 and FIN-525 for the treatment of ulcerative colitis and Crohn’s disease, respectively.
