Frequency Therapeutics Inc. set the price range of its Nasdaq IPO at between $14 and $16 per share.
The Woburn, Mass.-based biotechnology company plans to sell 6,700,000 of its common shares on the Nasdaq Global Market under the ticker symbol FREQ.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, and Cowen and Co. LLC are the underwriters for the offering. The underwriters will be given a 30-day option to buy up to an additional 1,005,000 shares at the public offering price less estimated underwriting discounts and commissions.
The company intends to use amounts raised from the IPO to advance the development of FX-322 to treat hearing loss due to damage to the inner ear. It expects to start a phase 2a study of FX-322 in the fourth quarter of the year.
Additionally, the biotechnology company plans to use the funds for developing other potential products using its progenitor cell activation platform.
