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LogicBio sets price range for IPO

LogicBio Therapeutics Inc. expects to price its IPO of 5,770,000 common shares on the Nasdaq Global Market anywhere between $12 per share and $14 per share.

The Cambridge, Mass.-based biotechnology company expects to raise $67.3 million in net proceeds at the midpoint of the price range. It will use funds raised to advance its lead product LB-001, a treatment for a rare metabolic disease called methylmalonic acidemia that affects children. A clinical trial of the gene therapy is expected to begin in 2019.

Funds will also be used to discover and develop other product candidates and general corporate purposes.

The company will apply to list its shares under the ticker LOGC.

Jefferies LLC, Barclays Capital Inc., William Blair & Co. LLC and Chardan Capital Markets LLC are the underwriters of the IPO and have an option to buy up to an additional 865,500 shares from the company.

Assuming full exercise of the overallotment option at the midpoint of the given price range, the company could raise $77.7 million in net proceeds. Existing shareholders have expressed interest for up to $30 million in common shares in the IPO.