Omega Therapeutics Kicks Start Trading On NASDAQ

On the heels of a $126 million crossover round in March, Flagship Pioneering-backed Omega Therapeutics Inc OMGA has priced a $125.8 million IPO to take its "epigenomic controllers" into the clinic.
Omega had initially penciled in a $100 million raise earlier this month. It offered 7.4 million shares at $17 apiece, the midpoint of a $16 to $18 range.
The Company earmarked about $39 million for the R&D of these "epigenomic controllers," another $78 million is set aside for IND-enabling studies, according to the S-1/A.
The lead candidate, OTX-2002, is headed for a Phase I proof-of-concept study against c-myc, a "master" oncogene that crops up in a high percentage of tumor types.
The Company expects to file an IND for that candidate in hepatocellular carcinoma in the first half of 2022.
And two to three more investigational epigenomic controllers will be declared by mid-2022, the S-1/A states.
Price Action: OMGA shares are trading at $16.85 during the market session on the last check Friday.