Metagenomi, Inc. (MGX) Announces February 9th IPO

Metagenomi, Inc. (MGX) expects to raise $101 million in an IPO on Friday, February 9th, IPO Scoop reports. The company will be issuing 6,300,000 shares at a price of $15.00-$17.00 per share.

In the last twelve months, Metagenomi, Inc. generated $38 million in revenue and had a net loss of $63.6 million. Metagenomi, Inc. has a market-cap of $600.5 million.

J.P.Morgan, Jefferies, TD Cowen, Wells Fargo Securities, BMO Capital Markets and Chardan served as the underwriters for the IPO.

Metagenomi, Inc. provided the following description of their company for its IPO: “We are a preclinical gene editing biotech company. (Incorporated in Delaware) We are a precision genetic medicines company committed to developing curative therapeutics for patients using our proprietary comprehensive metagenomics-derived genome editing toolbox. Genetic diseases are caused by a diverse set of mutations that have been largely inaccessible by genome engineering approaches to date. Genetic mutations are seen in a variety of forms, including deletions, insertions, single-base-pair changes and sequence repeats, and are found throughout the genome and across a variety of different cell types, tissues, and organ systems. Additionally, many diseases lack a genetic origin but have the potential to be effectively and permanently addressed through genome editing. We are harnessing the power of metagenomics, the study of genetic material recovered from the natural environment, to unlock four billion years of microbial evolution to discover and develop a suite of novel editing tools capable of correcting any type of genetic mutation found anywhere in the genome. Our comprehensive genome editing toolbox includes programmable nucleases, base editors, and RNA and DNA-mediated integration systems (including prime editing systems and clustered regularly interspaced short palindromic repeat (“CRISPR”)-associated transposases (“CASTs”)). We believe our diverse and modular toolbox positions us to uniquely access the entire genome and select the optimal tool to unlock the full potential of genome editing for patients. The company was founded by pioneers in the field of metagenomics, a powerful science that allows us to tap into the diversity of microbial life on this planet. The metagenomics process starts by collecting samples from microbe-rich ecosystems ranging from simple home gardens to extreme locations such as hydrothermal vents below the ocean. We then extract the DNA from these environmental samples and deeply sequence them to fully reconstruct the genomes of the resident microbes. Each sample may include thousands of distinct genomes from previously unknown organisms revealing novel cellular machinery that we utilize as building blocks for our editing systems. Using high-throughput screening, artificial intelligence (“AI”), and proprietary algorithms, we rapidly mine through billions of novel proteins from our genome-resolved metagenomics database to create genome editing tools. To date, we have analyzed over 380 trillion of base pairs, predicted over 6 billion proteins, including over 150 million CRISPR-associated (“Cas”) proteins and over 1.4 million CRISPRs, which we estimate has resulted in the identification of over 20,000 novel genome editing systems. We have assembled extensive libraries of millions of nucleases, deaminases, reverse transcriptases (“RTs”) and over one thousand CASTs. Our platform enables us to rapidly and effectively find, screen, and select tools with the highest targetability, specificity, and efficiency in order to develop them into genetic medicines. The iterative nature of our process, underpinned by AI, allows us to continuously push the boundaries of innovation. Note: Net loss and collaboration revenue are for the 12 months that ended Sept. 30, 2023. (Note: Metagenomi, Inc. filed its S-1/A dated Feb. 5, 2024, and disclosed terms for its IPO: 6.25 million shares at $15.00 to $17.00 to raise $100.0 million. Background: Metagenomi filed its S-1 on Jan. 5, 2024, without disclosing terms for its IPO. The company submitted confidential IPO documents to the SEC on Aug. 3, 2023.)  “.

Metagenomi, Inc. was founded in 2016 and has 211 employees. The company is located at 1545 Park Avenue Emeryville, California 94608 and can be reached via phone at (510) 871-4880 or on the web at https://www.metagenomi.co/.

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