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Biotechnology company Cabaletta Bio plans $77.5M Nasdaq IPO

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Biotechnology company Cabaletta Bio plans $77.5M Nasdaq IPO

Cabaletta Bio Inc. is planning an IPO to list 5.8 million of its shares on the Nasdaq Global Market under the ticker CABA.

The Philadelphia-based clinical-stage biotechnology company expects to price its common shares between $14 and $16 apiece and raise net proceeds of about $77.5 million, if each share is priced at $15.

Cabaletta Bio has granted the underwriters an option to buy up to an additional 870,000 shares at the public offering price.

Assuming a per-share price of $15, the net proceeds from the offering would be $89.6 million if the underwriters fully exercise their option.

The company plans to use the net proceeds primarily to further the clinical development of desmoglein 3 chimeric autoantibody receptor T cells, a potential therapy to counter a rare autoimmune disorder called mucosal pemphigus vulgaris.

The rest of the proceeds will be used for new and ongoing research and development activities as well as for working capital and other corporate purposes.

Morgan Stanley & Co. LLC, Cowen and Co. LLC and Evercore Group LLC are acting as underwriters in the IPO.