UC Berkeley's genetic drug developer 4DMT has pulled away from a proposed $100m offering after closing series C funding last month.
4D Molecular Therapeutics (4DMT), the US-based gene therapy spinout of University of California, Berkeley and backed by its Berkeley Catalyst Fund, withdrew its application for an initial public offering on Tuesday.
Founded in 2013, 4DMT is working on adeno-associated virus-based treatments for a genetic disorder known as Fabry disease, in addition to retinal conditions retinitis pigmentosa and choroideremia, and cystic fibrosis-related lung disease.
The company filed for a $100m IPO in September 2019 but had not set a price range for the offering and did not provide a reason for its withdrawal.
The decision could be related to 4DMT closing a $75m series C round last month led by hedge fund manager Viking Global Investors and backed by Berkeley Catalyst Fund.
Pharmaceutical firms Chiesi and Pfizer’s respective corporate venturing units Chiesi Ventures and Pfizer Ventures, also backed the series C round, as did MiraeAsset Financial Group.
4DMT said at the time of the series C funding that the proceeds would be able to fund proof-of-concept trials for its first three product candidates, and to upgrade its manufacturing capabilities.
The June round took the company’s total funding to more than $183m and it came after Viking Global led its $90m series B round in September 2018.
Berkeley Catalyst Fund, Pfizer Ventures, Chiesi Ventures, CureDuchenne Ventures, ArrowMark Partners, Janus Henderson Investors, Biotechnology Value Fund, MiraeAsset Financial Group, Perceptive Advisors and Ridgeback Capital Investments were also among the series B investors.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
