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Frequency Therapeutics files for $100M Nasdaq IPO

Frequency Therapeutics Inc. is planning an IPO of up to $100 million of its common shares on the Nasdaq Global Market.

The Woburn, Mass.-based biotechnology company has applied to list its common shares on the exchange under the ticker symbol FREQ.

Frequency Therapeutics, which develops products for hearing loss, eye and skin disorders, gastrointestinal diseases and diabetes, has been headed by David Lucchino since November 2014.

Lucchino co-founded the company with Robert Langer, now a board member, and Christopher Loose, who is currently chief scientific officer. Lucchino was the president and CEO of Entrega Bio, a PureTech Health-founded biotechnology company focused on oral drug delivery technology, from December 2014 until June 2016.

The company intends to use the net proceeds from the IPO to advance the development of its therapy for hearing loss due to damage in the inner ear, dubbed FX-322.

Frequency Therapeutics expects to start a phase 2a study for FX-322 in the fourth quarter of the year. The company licensed development and commercialization rights for FX-322 outside of the U.S. to Tokyo-based Astellas Pharma Inc. for an up-front payment of $80 million in July.

Additionally, the biotechnology company plans to use the funds for the development of other potential products using its progenitor cell activation platform. The remaining funds will be used for working capital and other general corporate purposes.

Axil Capital Partners LLP, Deerfield Management Co. LP, Perceptive Advisors LLC, RTW Investments LP, Taiwania Capital Management Corp. and Mizuho Securities Principal Investment Co. Ltd. are the main investors in Frequency Therapeutics.

Perceptive Life Sciences Master Fund Ltd. owns 7.8% of the company's common stock as of July 31, while Taiwania Capital Management Corp. owns 5.7% of the company's shares.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Cowen and Co. LLC and Mizuho Securities USA LLC are the underwriters for the offering.