Xconomy Boston — Homology Medicines, a company trying to leapfrog existing gene editing developers, has raised $144 million in an IPO that will help fund its first clinical trials. Bedford, MA-based Homology (NASDAQ: FIXX) priced its offering and sold 9 million shares at $16 apiece. Homology had planned to sell 7.6 million shares at $14 to $16 each. The company’s shares are expected to begin trading later today. Homology is trying to prove that it owns a better version of existing gene editing methods, among them CRISPR-Cas9, by harnessing a natural biological process known as “homologous recombination,” which cells in humans and other species do to repair DNA damage. But Homology is developing gene therapies as well that utilize adeno-associated viruses—commonly used gene therapy delivery tools—the company has developed in-house. The startup doesn’t yet have human clinical data for its drugs. Homology’s first target is phenylketonuria, a genetic disorder that leads to the buildup of an amino acid called phenylalanine. With the IPO proceeds, Homology will run an early stage test of a gene therapy candidate, HMI-102, in PKU in adults. Homology aims to follow up by identifying a gene editing treatment for PKU in children later this year. Here’s more on Homology’s approach to developing drugs for genetic disorders. Image by Depositphotos. Frank Vinluan is an Xconomy editor based in Research Triangle Park. You can reach him at fvinluan@xconomy.com.
Massachusetts-based Homology Medicines has raised $144m in an initial public offering to help fund its first clinical trials. The company claims to have a superior version of existing gene-editing methods, including CRISPR-Cas9, by making use of a natural biological process called homologous recombination by which body cells repair DNA damage. In the case of gene editing, however, this is not always possible. The company's first clinical trials will target the genetic disorder phenylketonuria, initially in adults and then later this year in children.