PTC Therapeutics files for $86.25 million IPO

By Jennifer Chiou

New York, March 31 - PTC Therapeutics, Inc. filed for an $86.25 million initial public offering in an S-1 registration with the Securities and Exchange Commission.

Morgan Stanley is bookrunner, JPMorgan is joint lead and Pacific Growth is co-manager.

The South Plainfield, N.J., biopharmaceutical company is focused on small-molecule drugs that target post-transcriptional control processes.

PTC's lead development programs include PTC124 for genetic disorders and PTC299 for oncology. The company said it is in phase 2 trials for PTC124 for the treatment of cystic fibrosis and Duchenne muscular dystrophy patients with a specific type of genetic mutation.

The company added it expects to start phase 1a trials for PTC299 in April.

Proceeds will be used for the clinical development of PTC124 and PTC299, for research and development and for general corporate purposes.

Currently funds managed by Credit Suisse are the largest shareholder with 25.2% of the equity followed by HBM BioVentures (Cayman) Ltd. at 14.9%, funds managed by Vulcan Venture Holdings Inc. at 14.1% and funds managed by Delphi Ventures at 8.7%.

PTC will apply to list its common stock on the Nasdaq National Market under the symbol "PTCT."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.