Phase I biotech CAMP4 Therapeutics (CAMP) took the road less traveled on its way to going public. CAMP4 Therapeutics Corp. priced its IPO at $11.00 – $3 below the bottom of its $14.00-to-$16.00 price range – and increased the IPO’s size at pricing – to 6.82 million shares – up from 5.0 million shares in the prospectus – to raise $75.0 million on Thursday night, Oct. 10, 2024. CAMP4 Therapeutics’ stock opened at $11.16 – up 16 cents from its IPO price – at 12:08 p.m. EDT today – Friday, Oct. 11, 2024 – on NASDAQ volume of 135,491 shares.
The pricing terms gave CAMP4 Therapeutics a market cap of $265.28 million – well within the “small cap” category under NASDAQ’s guidelines.
J.P. Morgan, Leerink Partners, Piper Sandler and William Blair were the joint book-runners.
CAMP4 Therapeutics (CAMP), based in Cambridge, Massachusetts, said its lead product candidate, CMP-CPS-001, has the potential to be the first disease-modifying therapy to treat the most prevalent urea cycle disorders (UCDs), according to the prospectus. CMP-CPS-001 is designed to improve urea cycle activity by amplifying expression of carbamoyl phosphate synthetase 1, or CPS1, an enzyme that catalyzes the first step of the urea cycle by binding to a CPS1-specific regRNA, the prospectus said.
CAMP4 Therapeutics said it expects to report Phase 1 clinical trial data in 2025.
Urea cycle disorders (UCDs) collectively make up a group of severe inherited metabolic diseases caused by mutations in the genes that encode one or more of the eight enzymes and transporters needed to convert ammonia into urea. The body’s inability to properly metabolize ammonia leads to toxic levels in circulation – and it can ultimately lead to neurologic disability, seizure and death, according to the prospectus.
CAMP4 Therapeutics is not profitable: The Phase 1 biotech reported a net loss of $49.71 million on no product revenue for the 12 months that ended June 30, 2024, according to financial statements in the prospectus.
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