The UCL Technology Fund has revealed that one of its investments, MeiraGTx — a clinical stage gene therapy company — has raised $75 million of gross proceeds upon the closing of its initial public offering (IPO) earlier this year.
Funding
MeiraGTx represents the first investment to IPO for the UCL Technology Fund and has managed to sell five million shares at a public offering price of $15 per share.
Founded in 2015, MeiraGTx is a rare eye diseases business that was borne out of the laboratories of Professor Robin Ali, a human molecular genetics expert at the UCL Institute of Ophthalmology. Based in London and New York, it has four ongoing clinical programmes, one compassionate use programme and a broad pipeline of preclinical and research programmes.
Funds raised from the IPO will enable the company to progress its product candidates to treat inherited rare eye diseases, xerostomia (‘dry mouth’) and neurodegenerative diseases.
“MeiraGTx is revolutionising the treatment of ocular, nerve and salivary gland diseases with highly specialised, flexible gene therapies which have the potential to dramatically decrease morbidity and improve quality of life,” stated Christoph Ruedig, partner at Albion Capital — which manages the UCL Technology Fund. “We are impressed by the way the company combines cutting-edge science, a nimble platform and state-of-the-art manufacturing processes to deliver life-changing gene treatments. We look forward to supporting the business’s ongoing development through the next stage of its journey as a public company.”
Cengiz Tarhan, managing director at UCLB, added: “We are proud to have been there at the beginning, through the creation of Athena Vision, to support the commercialisation of the world-leading gene therapy work of UCL Institute of Ophthalmology, seeing how that work has grown and developed so impressively over the years at MeiraGTx. We are pleased to be able to continue to work and invest in them through the UCL Technology Fund.