Scribe Therapeutics targets $96 million IPO to fund PCSK9 gene-silencing program

Scribe Therapeutics, a Bay Area biotech focused on genetic medicines, filed with the SEC outlining plans for an initial public offering on Nasdaq.

The company aims to sell 7.1 million shares at $13-$15 each, which would raise about $96 million, potentially up to $110 million if underwriters exercise their option for an extra million shares.

Proceeds are earmarked for its lead candidate, STX-1150, a gene-silencing therapy designed to turn off the PCSK9 gene, a validated target for lowering LDL cholesterol.

Scribe, founded in 2020 with $20 million backing from Biogen and CRISPR pioneer Jennifer Doudna, expects to allocate $30-$35 million of the IPO funds to continue the Phase 1 study of STX-1150.