The Seattle-based biotech, which filed plans to go public earlier this month, is looking to sell 15 million shares at a price range of $20 to $23 per share, according to the filing. The proceeds assume an IPO price at the midpoint, $21.50 a share.
Sana has not yet listed the date it plans to debut on the Nasdaq Global Market under ticker symbol SANA.
Despite the pandemic, the life sciences sector is expected to bring in as much or more revenue this year. Last year, Washington life science companies brought in about $2.7 billion, according to Life Science Washington.
Will Canestaro, Washington Research Foundation and WFR Capital managing director, told the Business Journal that 2021 would be a good year for IPOs.
“The markets are certainly ready for biotech IPOs,” he said. “If I was anywhere close, I would strongly consider it.”
Sana filed Jan. 13 with the SEC to go public and initially intended to raise $150 million.
The gene therapy company, which was co-founded in July 2018 by former Juno Therapeutics Chief Financial Officer Steve Harr, announced last year it had raised more than $700 million in venture capital. It has grown from 37 full-time employees in December 2018 to 240 full-time employees as of September.
Harr previously told the Business Journal the funding was to create a lasting company rooted in Seattle.
ARCH Venture Partners, whose managing director, Robert Nelsen, sits on the Sana board, owns 27.5% of Sana’s common stock. Harr, Sana’s CEO, owns 5.6% of the company’s common stock, according to the filing.
Like most biotech companies in the early stages, Sana is losing money and has not recorded any revenue, as it does not have any commercial products. It does plan to file an investigational new drug application with the U.S. Food and Drug Administration in 2022, according to the SEC filing.
The company expects to continue running through cash, and will need more, it said in its filing.
