Inozyme Pharma Announces Closing of Initial Public Offering and Full Exercise by Underwriters of Option to Purchase Additional Shares

Rhea-AI Summary

Inozyme Pharma has successfully closed its initial public offering, selling 7,000,000 shares at $16.00 each, totaling $112 million, along with an additional 1,050,000 shares, bringing gross proceeds to $128.8 million. This offering marks a significant milestone as Inozyme's shares began trading on Nasdaq under the symbol 'INZY' on July 24, 2020. The underwriters for the offering included well-known firms such as BofA Securities and Cowen. Inozyme is focused on developing therapeutics for rare diseases linked to abnormal mineralization.

Positive

• Raised $128.8 million from the IPO, providing substantial funding for R&D.
• Stock began trading on Nasdaq, increasing visibility and potential investor interest.

Negative

• None.

BOSTON, July 30, 2020 (GLOBE NEWSWIRE) -- Inozyme Pharma, Inc. (“Inozyme”) (Nasdaq: INZY), a rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases of abnormal mineralization, today announced the closing of its initial public offering of 7,000,000 shares of common stock at a public offering price of $16.00 per share on July 28, 2020 and the closing of the sale of 1,050,000 additional shares of common stock on July 30, 2020 following the exercise in full by the underwriters of their option to purchase additional shares. Aggregate gross proceeds from the initial public offering, including the option shares, totaled $128.8 million, before underwriting discounts and commissions and offering expenses payable by Inozyme. All shares were offered and sold by Inozyme.

Inozyme’s common stock began trading on the Nasdaq Global Select Market under the ticker symbol “INZY” on July 24, 2020.

BofA Securities, Cowen and Piper Sandler acted as joint book-running managers for the offering. Wedbush PacGrow acted as lead manager for the offering.

A registration statement relating to the offering of these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on July 23, 2020. Copies of the registration statement can be accessed by visiting the SEC website at www.sec.gov. This offering was made only by means of a prospectus. A copy of the final prospectus relating to the offering may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, by email at PostSaleManualRequests@broadridge.com or by telephone at (833) 297-2926; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, via telephone at (800) 747-3924 or via email at prospectus@psc.com.

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

About Inozyme Pharma

Inozyme Pharma is a rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases of abnormal mineralization. Through our in-depth understanding of the biological pathways involved in mineralization, we are pursuing the development of therapeutics to address the underlying causes of these debilitating diseases. It is well established that two genes, ENPP1 and ABCC6, play key roles in a critical mineralization pathway and that defects in these genes lead to abnormal mineralization. We are initially focused on developing a novel therapy to treat the rare genetic diseases of ENPP1 and ABCC6 deficiencies.

Contacts

Investors:
Inozyme Pharma
Axel Bolte, Co-founder, President and CEO
(857) 330-4345
axel.bolte@inozyme.com

Media:
SmithSolve
Alex Van Rees
(973) 442-1555 ext. 111
alex.vanrees@smithsolve.com

FAQ

What are the details of Inozyme Pharma's IPO on July 28, 2020?

Inozyme Pharma's IPO closed on July 28, 2020, selling 7,000,000 shares at $16.00 each, with total gross proceeds of $128.8 million.

What is the stock symbol for Inozyme Pharma?

Inozyme Pharma trades on the Nasdaq under the stock symbol 'INZY'.

Who were the underwriters for Inozyme Pharma's IPO?

The underwriters for Inozyme Pharma's IPO included BofA Securities, Cowen, and Piper Sandler.

What is the intended use of funds from Inozyme Pharma's IPO?

Funds raised from the IPO will be used to support the development of novel therapeutics for diseases of abnormal mineralization.

When did Inozyme Pharma begin trading on Nasdaq?

Inozyme Pharma began trading on Nasdaq on July 24, 2020.