Benzinga | Jul 30, 2021 01:35PM EDT

Omega Therapeutics Kicks Start Trading On NASDAQ

* On the heels of a $126 million crossover round in March, Flagship Pioneering-backed Omega Therapeutics Inc (NASDAQ:OMGA) has priced a $125.8 million IPO to take its "epigenomic controllers" into the clinic.

* Omega had initially penciled in a $100 million raise earlier this month. It offered 7.4 million shares at $17 apiece, the midpoint of a $16 to $18 range.

* The Company earmarked about $39 million for the R&D of these "epigenomic controllers," another $78 million is set aside for IND-enabling studies, according to the S-1/A.

* The lead candidate, OTX-2002, is headed for a Phase I proof-of-concept study against c-myc, a "master" oncogene that crops up in a high percentage of tumor types.

* The Company expects to file an IND for that candidate in hepatocellular carcinoma in the first half of 2022.

* And two to three more investigational epigenomic controllers will be declared by mid-2022, the S-1/A states.

* Price Action: OMGA shares are trading at $16.85 during the market session on the last check Friday.