Only one venture-backed IPO took place in August. The distinction belongs to Montréal biopharmaceutical company Clementia Pharmaceuticals Inc, which last month raised about $120 million from its IPO on the Nasdaq. The news was noted by BDC Capital Healthcare Fund, an investor in Clementia since 2012. The company’s other backers include Fonds de solidarité FTQ, Janus Henderson, OrbiMed Advisors and New Enterprise Associates.
Clementia’s IPO is the second completed this year by a Canadian life sciences company. In May, Vancouver’s Zymeworks Inc secured about $64 million) from its Canadian and U.S. offering.
In addition, Clementia raised an additional $17.9 million in proceeds from the offering’s greenshoe option, bringing total proceeds to about $137 million. The company, who’s shares began trading on Nasdaq under the symbol “CMTA,” was founded in 2010. —Kirk Falconer
IPO Profile: Clementia Pharmaceuticals Inc
Company Details
Montreal, Quebec
1-514-940-3600
Description: Clementia Pharmaceuticals Inc is a clinical stage biopharmaceutical company. The company is engaged in developing disease-modifying treatments for patients suffering from debilitating bone and other diseases with high unmet medical need. Its lead product candidate, palovarotene, is an oral small molecule that binds and activates retinoic acid receptor gamma (an RARg agonist), and has activity in preventing abnormal new bone formation as well as scar tissue formation (or fibrosis) in a variety of tissues in animal models. It is developing palovarotene for the treatment of Fibrodysplasia Ossificans Progressiva (FOP) and Multiple Osteochondroma (MO). Its programs focus on diseases involving tissue transformation via retinoic acid receptors (RARs). The company also has an eye drop formulation of palovarotene that can potently increase tear production and decrease corneal damage.
IPO Details
Exchange and Ticker: Nasdaq: CMTA
Filing Range: 8 million shares @ $13 to $15 a share
Date of IPO: 8/2/17
Offering Price: $15
Closing Price on 8/2/17: $16.35
Offering Size: $120 million
Shares Outstanding: 31.7 million
Closing Price on 8/31/17: $16.33
Market Capitalization on 8/31/17: $517.95 million
Underwriters: Morgan Stanley & Co, Leerink Partners LLC
Co-managers: Wedbush Securities, BTIG LLC
Company Counsel: Jenner & Block
Manager Counsel: Ropes & Gray
Auditor: KPMG
Investment Details
Backers
- Business Development Bank of Canada
- OrbiMed Advisors
- New Enterprise Associates
- Solidarity Fund QFL
- EcoR1 Capital
- RA Capital Management
Total funding raised: $102 million
Source: Thomson Reuters
Download: IPO Aftermarket as of Aug. 31, 2017
Photo of Scrabble game tiles for IPO courtesy of PictureLake/iStock/Getty Images
Additional Data
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