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Stealth BioTherapeutics plans US IPO to raise up $86.3M

Stealth BioTherapeutics Inc. is planning an IPO of its American depositary shares on Nasdaq to raise up to $86.3 million.

The Newton, Mass.-based biopharmaceutical company intends to have its ADSs listed on the Nasdaq Global Market under the symbol MITO.

In July, Stealth had applied to list its shares on the Hong Kong Stock Exchange to raise up to $200 million.

Stealth plans to use the proceeds to continue the development of its medicine elamipretide to treat primary mitochondrial myopathy, among other diseases. Primary mitochondrial myopathy is a metabolic disorder that causes neuromuscular disease.

Stealth also intends to use the proceeds for developing other product candidates and for working capital and other general corporate purposes.

Jefferies LLC, Evercore Group LLC and BMO Capital Markets Corp. are acting as joint book-running managers while Nomura Securities International is serving as lead manager of the IPO.

The underwriters can buy additional shares in the IPO.