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Homology Medicines discloses share count for IPO

Homology Medicines Inc. plans to sell 7,667,050 common shares at a price between $14.00 and $16.00 apiece to raise about $122.7 million in an IPO on the Nasdaq Global Select Market.

The shares include 1,000,050 common shares offered to the underwriters as an overallotment option.

The Bedford, Mass.-based genetic medicines company expects shares to start trading under the FIXX symbol following the pricing of the offering.

Net proceeds from the offering are expected to be about $90.2 million, assuming an initial public offering price of $15.00 per share. The net proceeds will be roughly $104.1 million if the underwriters fully exercise their overallotment option.

Homology plans to use net proceeds of about $18.0 million to $20.0 million to develop HMI-102 to treat a rare inherited disorder known as phenylketonuria, through preclinical studies and a phase 1/2 study. It plans to use about $8.0 million to $10.0 million of the proceeds to nominate its lead gene editing product candidate and advance this program through preclinical studies.

About $15.0 million to $20.0 million will be used to build out internal manufacturing capacity that complies with current good manufacturing practice regulations and is sufficient for the clinical supply of product.

In addition, about $2.0 million to $3.0 million of the proceeds will be used to expand Homology's intellectual property portfolio to further protect the company's proprietary adeno-associated virus vectors and other aspects of the technology platform.

Adeno-associated viruses are small viruses with a genome of single-stranded DNA. They can insert genetic material at a specific site on chromosome 19 with near 100% certainty.

The company's proprietary platform is designed to utilize its adeno-associated virus vectors, derived from human hematopoietic stem cells, to precisely and efficiently deliver genetic medicines either through a gene therapy or a nuclease-free gene editing modality across a range of genetic disorders.

The remaining proceeds will fund new and ongoing research and development activities in the company's CNS, hemoglobinopathy and other programs, and for working capital and other general corporate purposes.

Merrill Lynch Pierce Fenner & Smith Inc., Cowen and Co. LLC, Evercore Group LLC and BTIG LLC are acting as underwriters for the offering.