4D Molecular Therapeutics Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

4D Molecular Therapeutics has successfully closed its initial public offering, selling 9,660,000 shares at $23.00 each, totaling approximately $222 million in gross proceeds. The offering included 1,260,000 shares from the underwriters' option. Shares began trading on the Nasdaq under the ticker symbol FDMT. The company specializes in gene therapy using directed evolution and is currently engaged in three clinical trials targeting ophthalmology, cardiology, and pulmonology, aiming to enhance delivery efficacy while minimizing immunogenicity.

Positive

• Gross proceeds of approximately $222 million from the IPO.
• Funds expected to support ongoing clinical trials in three therapeutic areas.
• Trading commenced on the Nasdaq Global Select Market under FDMT.

Negative

• Potential dilution for existing shareholders due to new share issuance.

EMERYVILLE, Calif., Dec. 15, 2020 (GLOBE NEWSWIRE) -- 4D Molecular Therapeutics, Inc. (4DMT), a clinical-stage gene therapy company harnessing the power of directed evolution for targeted gene therapies, announced today the closing of its initial public offering of 9,660,000 shares of its common stock, including 1,260,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a price of $23.00 per share. The aggregate gross proceeds of the offering were approximately $222 million, before deducting underwriting discounts and commissions and other offering expenses. The shares began trading on the Nasdaq Global Select Market on December 11, 2020 under the ticker symbol “FDMT.”

Goldman Sachs & Co. LLC, BofA Securities and Evercore ISI acted as book-running managers for the offering.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission (SEC) and became effective on December 10, 2020. Copies of the registration statements can be accessed through the SEC’s website at www.sec.gov. This offering was made only by means of a prospectus. A copy of the final prospectus relating to this offering may be obtained from: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, New York 10282, by telephone at (866) 471-2526, or by email at Prospectus-ny@ny.email.gs.com; BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-001, or by email at dg.prospectus_requests@bofa.com; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About 4DMT

4DMT is a clinical-stage gene therapy company pioneering the development of product candidates using targeted and evolved AAV vectors. 4DMT seeks to unlock the full potential of gene therapy using its platform, Therapeutic Vector Evolution, which combines the power of directed evolution with approximately one billion synthetic capsid sequences to invent evolved vectors for use in targeted gene therapy products. The company is initially focused in three therapeutic areas: ophthalmology, cardiology, and pulmonology. The 4DMT targeted and evolved vectors are invented with the goal of being delivered through clinically routine, well-tolerated and minimally invasive routes of administration, transducing diseased cells in target tissues efficiently, having reduced immunogenicity and, where relevant, having resistance to pre-existing antibodies. 4DMT is currently conducting three clinical trials: 4D-125 is in a Phase 1/2 clinical trial for XLRP, 4D-110 is in a Phase 1 clinical trial for choroideremia and 4D-310 is in a Phase 1/2 clinical trial for Fabry disease.

4D Molecular Therapeutics™, 4DMT™, Therapeutic Vector Evolution™, and the 4DMT logo are trademarks of 4DMT.

Contacts:

Media:

Theresa Janke
tjanke@4dmt.com

Investors:

Mike Zanoni
Endurance Advisors
mzanoni@4dmt.com

FAQ

What was the price of FDMT's initial public offering?

The IPO price was set at $23.00 per share.

How many shares were offered in 4D Molecular Therapeutics' IPO?

4D Molecular Therapeutics offered a total of 9,660,000 shares in its IPO.

What are the primary therapeutic areas 4DMT is focusing on?

4DMT is initially focused on ophthalmology, cardiology, and pulmonology.

When did 4D Molecular Therapeutics begin trading on Nasdaq?

4D Molecular Therapeutics began trading on Nasdaq on December 11, 2020.

What are the expected proceeds from the FDMT IPO?

The expected gross proceeds from the IPO are approximately $222 million.