Scribe Therapeutics Inc, a company co-founded by the Nobel laureate Jennifer Doudna, has raised $128.7 million in an initial public offering on the US Nasdaq market – one of a growing number of biotech companies to go public this year. The funds will be used to advance the company’s lead programme for patients with elevated low-density lipoprotein cholesterol (LDL-C) through Phase 1, and to develop two preclinical projects for cardiovascular and metabolic disorders.
Co-founder Dr Doudna was the recipient, together with Emmanuelle Charpentier, of the Nobel Prize in Chemistry in 2020 for their development of the Crispr-Cas9 gene editing tool. Scribe has its own gene editing technology which is being applied to its preclinical cardiometabolic pipeline.
The company’s lead programme, STX-1150, is an epigenetic medicine that is designed to silence a gene without editing or permanently altering DNA. The goal is to lower LDL-C in the bloodstream by silencing the expression of the PCSK9 gene and enhance clearance of the lipoprotein. At high levels, LDL-C is a risk factor for heart attacks and stroke. The STX-1150 molecule is comprised of a messenger RNA and a guide RNA delivered in lipid nanoparticles to the liver. The mRNA produces a protein that switches off PCSK9 gene expression without altering DNA, according to the company’s filing with clinicaltrials.gov.
Scribe’s IPO consisted of 8.58 million shares priced at $15 per share. In parallel, the company sold 500,000 shares to Sanofi SA in a private placement at the same price.
Separately, in June, Scribe was awarded $25 million from the California Institute for Regenerative Medicine to support advancement of its two preclinical programmes.
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