Sionna Therapeutics Aims for $150 Million IPO to Advance Cystic Fibrosis Treatments
Sionna Therapeutics plans to raise $150 million through an initial public offering (IPO)12.
The company intends to sell 8.8 million shares priced between $16 and $18 each13.
At the midpoint of the price range, Sionna would achieve a market capitalization of approximately $692 million23.
Sionna focuses on developing therapies targeting cystic fibrosis transmembrane conductance regulator (CFTR) proteins2.
The company's lead candidates, SION-719 and SION-451, are designed to stabilize the nucleotide-binding domain 1 (NBD1) of CFTR26.
Sionna plans to use the IPO proceeds to advance its cystic fibrosis treatments into mid-stage clinical trials26.
The company will be listed on the Nasdaq Global Market under the symbol SION3.
Sionna's approach aims to compete in a market currently dominated by Vertex Pharmaceuticals2.
The global demand for CFTR-targeting drugs reached $10 billion in 2023 and is projected to grow to $15 billion by 202926.
In March 2024, Sionna raised $182 million in a Series C funding round, which is expected to sustain the company through 20262.
Sources:
1. https://firstwordpharma.com
2. https://xrphmagazine.ai/sionna-therapeutics-launches-us-150m-ipo-for-cystic-fibrosis-drugs/
3. https://www.thepharmaletter.com/cystic-fibrosis-company-sionna-seeks-150-million-raise-in-ipo
6. https://www.biospace.com/business/cystic-fibrosis-biotech-sionna-announces-150m-ipo