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Translate Bio files for $115M IPO

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Translate Bio files for $115M IPO

Translate Bio Inc. plans to raise up to $115 million in an IPO of its common stock.

The Lexington, Mass.-based company has applied to list its common stock on the Nasdaq Global Market under the symbol TBIO.

Translate Bio, which is focused on treating genetic disorders, is developing MRT5005 as a therapy for cystic fibrosis. It launched a phase 1/2 clinical trial for MRT5005 in May and is also developing MRT5201 for ornithine transcarbamylase, or OTC, deficiency.

OTC deficiency is a rare genetic disorder characterized by complete or partial lack of the enzyme used for removal of nitrogen from the body.

The company expects to use the proceeds from the offering for funding the development of MRT5005 and MRT5201 as well as for working capital and other general corporate purposes.

Citigroup Global Markets Inc., Leerink Partners LLC and Evercore Group LLC are acting as underwriters and joint book-running managers for the offering.