Oxford BioMedica PLC (OXBDF)

[georgejjl]

Orchard Therapeutics plans $172.5 million U.S. IPO
Published: Oct 4, 2018 8:48 p.m. ET

By MARIA ARMENTAL

Orchard Therapeutics is seeking to raise up to $172.5 million from a planned stock offering in the U.S., according to a regulatory filing.

The U.K. biopharmaceutical company, which has yet to post a profit, filed documents for the offering under Orchard RX Ltd. but said it would change its name to Orchard Therapeutics PLC. It plans to apply for its American depositary shares to trade on the Nasdaq under the symbol ORTX.

The documents filed Thursday with the Securities and Exchange Commission show the company's loss for the first half of this year surged to more than $138 million, from about $13 million in the comparable period a year earlier, as research and development spending increased.

In August, the company raised about $150 million in a Series C financing round led by Deerfield Management.

In April, Orchard entered into an agreement with GlaxoSmithKline PLC under which the company transferred its rare-disease gene-therapy portfolio to Orchard, including Strimvelis, a treatment approved in Europe for children born with a form of an extremely rare immune-system condition often referred to as "bubble-boy disease."

GSK has a roughly 17.9% stake in Orchard, according to the documents, and F-Prime Capital Partners is the largest shareholder with a 29.3% stake.

Orchard said it would use the proceeds from the offering in part to commercialize Strimvelis in the European Union and expand marketing and sales operations in key markets, including the U.S.

https://secure.marketwatch.com/story/orchard-therapeutics-plans-1725-million-us-ipo-2018-10-04?link=MW_latest_news

Good luck and GOD bless,

George