Kaiser Permanente-backed biopharma CAMP4 raises $75 mln in US IPO
Adds background from paragraph 3 onwards
Oct 10 (Reuters) -CAMP4 Therapeutics, a biopharmaceutical firm backed by healthcare giant Kaiser Permanente raised $75 million on Thursday in its U.S. initial public offering.
CAMP4 sold 6.82 million shares in the IPO for $11 each, the company said in a statement.
Founded in 2016, the Cambridge, Massachusetts-based company is developing therapies to treat various genetic diseases.
CAMP4's IPO comes after a handful of startups from the industry saw strong market debuts, underscoring a resurgence of new companies — particularly biotech firms — getting listed.
CAMP4 lost $25 million in the first half of 2024, compared with $24.6 million in the same period last year. It has not generated any revenue to date.
Proceeds from the offering will primarily be used for the clinical development of some of its product candidates, the biopharmaceutical firm had previously said.
Besides Kaiser, CAMP4 counts healthcare and life sciences-focused investment firms Enavate Sciences and 5AM Ventures among its backers.
The company is led by Josh Mandel-Brehm, who was at Biogen BIIB.O from 2013 to 2017.
CAMP4 shares are expected to start trading on the Nasdaq Global Market under the ticker symbol "CAMP" on Friday.
J.P. Morgan, Leerink Partners, Piper Sandler and William Blair are the underwriters for the IPO.
Reporting by Pretish M J and Mrinmay Dey in Bengaluru; Editing by Alan Barona
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