Metagenomi Technologies, a genetic medicines company founded by UC Berkeley scientists in 2018 and backed by Bayer Healthcare and Moderna, has submitted paperwork for an initial public offering (IPO) in the United States. The startup, specializing in therapies for genetic diseases, is among several companies preparing for a 2024 listing following a positive trend in the stock market.
Metagenomi’s revenue for the nine months ended Sept. 30 saw a significant increase, reaching $32.36 million, primarily driven by collaboration agreements, including one with Moderna. However, the company reported a loss of $48.96 million during the same period, up from $28.97 million in the previous year.
The genetic medicines firm plans to list on the Nasdaq under the symbol “MGX,” with J.P. Morgan, Wells Fargo, and Jefferies among the underwriters for the IPO. Metagenomi’s filing for an IPO comes a year after it raised $275 million in a private funding round. The startup is expected to contribute to the growing number of companies opting for public offerings amid increased confidence in the economy following positive market trends.
This move reflects the ongoing interest and investment in genetic medicine and biotechnology, showcasing the industry’s potential to address various medical challenges through innovative therapies and treatments.