Everything You Know to Know About MyoKardia’s Upcoming IPO
This year witnessed an IPO-boom for the healthcare sector as over 35 biotechnology and pharmaceutical companies made their stock market debuts on the U.S. exchanges. (Source: Biotech//Pharma-IPO, Filings, BioSpace, last accessed Oct. 26, 2015.) The initial public offerings (IPOs) have equally helped big and small biotech startups to generate money to ramp up their research and development activities. The next big upcoming IPO making headlines is the California-based biotech company MyoKardia, Inc. The following article covers everything you need to know about the upcoming MyoKardia IPO before you put your money in it.
What Does MyoKardia, Inc. Do?
MyoKardia is an early-stage biotechnology company involved in discovering and developing therapies for treatment of serious and rare cardiovascular diseases. The company is in the clinical stage of product development and has the potential of becoming a key future player in the healthcare industry. MyoKardia commenced its operations in June of 2012.
MyoKardia currently has four programs in its pipeline for the treatment of two forms of heritable heart problems; hypertrophic cardioMyopathy (HCM) and dilated cardioMyopathy (DCM). The company’s lead product candidate is MYK-461 which helps in relieving excessive heart muscle contractions in HCM. The product is set to go for Phase II clinical trials. The other three programs are DCM-1, HUM-2 and LUS-1, all of which are in the initial developmental stage and are expected to go for Phase I trials in the next two years.
MyoKardia’s chief is a biotech veteran who started his career with Merck and later made his way to the c-suites of famous pharma companies. Having served in various capacities, the CEO of MyoKardia, Tassos Gianakakos, brings diverse experience from the U.S. biotech and pharmaceutical sectors. He last worked at the executive level in MAP Pharmaceuticals which got acquired by Allergan plc (NYSE:AGN).
What is MyoKardia, Inc.’s Revenue?
MyoKardia posted $7.0 million in revenue for the last six months, ending June 2015. That’s a 20% increase from full-year revenue of FY2014. The company has not, however, made any profits since its inception because of high R&D and administrative expenses.
What is MyoKardia, Inc.’s IPO Price?
The IPO price for MyoKardia common stock is expected to range between $15.00 and $17.00 per share.
What is MyoKardia, Inc.’s IPO Symbol?
MyoKardia will get listed on the NASDAQ under the symbol, “MYOK.”
How Much Money Will the MyoKardia, Inc. IPO Raise?
MyoKardia, Inc. is expecting an IPO price of $15.00 to $17.00 per share. The company is going to offer 4.69 million shares in total with an over allotment option of 703,125 shares. For an average price of $16.00 at the initial share offering of 4.69 million shares, MyoKardia’s valuation stands at $75.04 million. The maximum money the company expects to raise is $91.64 million if the shares go public inclusive of the over allotment at the maximum price of $17.00.
How Would MyoKardia, Inc. Use the Money?
MyoKardia plans to use the generated money for advancing the Phase II clinical trials for its top product candidate, MYK-461. The Phase II trials are expected to be initiated by mid-2016. The biotech company expects to use the IPO proceeds towards preparing for other preclinical and research programs in the pipeline. MyoKardia spent almost twice its revenue on research and development in the past six months alone.
What is MyoKardia, Inc.’s IPO Date?
MyoKardia is set to be traded on the market on Thursday, October 29, 2015.