Aeglea BioTherapeutics, Inc. raised $54.82 million in its upsized initial public offering at $10.00 per share. Needham acted as a co-manager on the transaction. The Company’s underwriters exercised their option to purchase an additional 481,940 shares of common stock at the initial public offering price to cover over-allotments. The net proceeds from the sale of the shares will be used by Aeglea BioTherapeutics, Inc. for general corporate purposes including working capital, product development and operating expenses.
Aeglea (NASDAQ: AGLE) is a biotechnology company committed to developing enzyme-based therapeutics in the field of amino acid metabolism to treat inborn errors of metabolism and cancer. The company’s engineered human enzymes are designed to degrade specific amino acids in the blood in order to reduce toxic levels of amino acids in inborn errors of metabolism or to exploit the dependence of certain cancers on specific amino acids. In addition to the ongoing Phase 1 clinical trial in oncology with its lead product candidate AEB1102, Aeglea expects to begin trials in 2016 of AEB1102 in patients with Arginase I deficiency. The company is building a pipeline of additional product candidates targeting key amino acids, including AEB4104, which degrades homocystine, a target for an inborn error of metabolism, as well as two potential treatments for cancer, AEB3103, which degrades cysteine/cystine, and AEB2109, which degrades methionine.