Benzinga | Jun 25, 2021 03:06PM EDT

Sickle Cell Biotech, Graphite Bio Prices Upsized Initial Public Offering

* Graphite Bio Inc (NASDAQ:GRPH) is set to go public on the heels of a $238 million raise less than ten months after getting started with a Series A funding of $45 million.

* Graphite is using a familiar tool to tackle genetic diseases with its CRISPR/Cas9 technology.

* Graphite is looking to enroll 15 adults in the GPH101 Phase 1/2 trial, hoping to launch by mid-2021, with initial proof-of-concept data expected by the end of 2022.

* According to the SEC S-1 filing, Graphite plans to spend about $90 million of its IPO funds on this Phase 1/2 trial, with another $40 million going to push through IND studies for each of their other two programs in X-linked severe combined immunodeficiency and Gaucher disease.

* An additional $80 million is to be earmarked for other preclinical candidates.

* Graphite has set a launch price of $17 per share and will trade on NASDAQ under the ticker GRPH.