Mirna Therapeutics IPO: Here’s What You Need to Know

Mirna IPO image by Worldofchemicals Media[/caption]

Mirna Therapeutics Inc (NASDAQ:MIRN) has announced its initial public offering (IPO) set for the week of September 28th.

Founded in 2007 as a cancer research firm, the Mirna Therapeutics IPO symbol will be “MIRN,” and it will be traded on the NASDAQ stock exchange.

The Austin, Texas-based biotech company plans to put up 4.65 million shares for sale this Friday. (Source: NASDAQ, last accessed September 23, 2015.) The Mirna Therapeutics IPO price is expected to be in the range of $13.00 and $15.00.

If all goes according to plan, Mirna expects to end up with a market cap of about $233.5 million. Taking the midpoint value of the proposed range, the Mirna Therapeutics IPO price will net the company a diluted market value of $241.00 million. (Source: Austin Business Journal, last accessed September 23, 2015.) At the maximum price range, the company can expect to raise about $80.2 million from its IPO.

Mirna is a clinical-stage biotech company which researches, tests, and develops microRNA replacement therapies for various cancers. Mirna’s biotech research is expected to make a strong impact on several types of cancer. This includes but is not limited to ovarian cancer, cervical cancer, liver cancer, glioblastoma cancer, and colon cancer.

Mirna has managed to raise over $111 million from investors and through various grants to date. (Source: Austin Business Journal, last accessed September 23, 2015.) The company’s previous investors include Eastern Capital, Baxter Ventures, Morningside Ventures, Rock Springs Capital, Celgene Corp., New Enterprise Associates, Sofinnova Ventures, Osage University Partners, Correlation Ventures, and Pfizer Ventures.

CPRIT has agreed to buy approximately $16.8 million in Mirna Therapeutics IPO stocks at the initial share price, according to Mirna’s SEC filing for the IPO.

Mirna Therapeutics has a solid financial position, with around $41.6 million in liquid cash. (Source: 24/7 Wall Street, last accessed September 23, 2015.) Most of the cash it will raise will go towards funding further product development and clinical trials for its existing products. Along with funding and developing its research and development pipeline, the Mirna Therapeutics IPO will also go towards working capital and general corporate expenses.

The SEC filing also mentioned that CEO Paul Lammers was to receive $777,884 in compensation for 2014. The co-lead underwriters for the Mirna Therapeutics IPO are Citigroup and Leerink Partners.

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