Preclinical biotech Metagenomi prices $94M IPO at low end of proposed range

The bounc­er is let­ting a pre­clin­i­cal biotech en­ter the IPO club Thurs­day night.

Yes, the time­stamp is 2024. A pre­clin­i­cal Nas­daq of­fer­ing sounds like a 2020 or 2021 head­line, but Cal­i­for­nia start­up Metageno­mi is bet­ting that it can op­er­ate in the pub­lic are­na for mul­ti­ple quar­ters, per­haps a few years, be­fore even test­ing its gene edit­ing tools in hu­mans.

Metageno­mi’s risk-tak­ing comes in the form of a $93.7 mil­lion IPO, priced at $15 per share $MGX, the low end of the range it pro­posed ear­li­er this week. The biotech’s last pri­vate round was a $100 mil­lion Se­ries B ex­ten­sion dis­closed in Jan­u­ary 2023.

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