4D Molecular Therapeutics (FDMT) IPO Opens 74% Higher

Today's IPO for 4D Molecular Therapeutics, Inc. (NASDAQ: FDMT) opened for trading at $40 after pricing its initial public offering of 8,400,000 shares of its common stock at a public offering price of $23.00 per share.

Goldman Sachs & Co. LLC, BofA Securities and Evercore ISI are acting as book-running managers for the offering.

4DMT is a clinical-stage gene therapy company pioneering the development of product candidates using targeted and evolved AAV vectors. 4DMT seeks to unlock the full potential of gene therapy using its platform, Therapeutic Vector Evolution, which combines the power of directed evolution with approximately one billion synthetic capsid sequences to invent evolved vectors for use in targeted gene therapy products. The company is initially focused in three therapeutic areas: ophthalmology, cardiology, and pulmonology. The 4DMT targeted and evolved vectors are invented with the goal of being delivered through clinically routine, well-tolerated and minimally invasive routes of administration, transducing diseased cells in target tissues efficiently, having reduced immunogenicity and, where relevant, having resistance to pre-existing antibodies. 4DMT is currently conducting three clinical trials: 4D-125 is in a Phase 1/2 clinical trial for XLRP, 4D-110 is in a Phase 1 clinical trial for choroideremia and 4D-310 is in a Phase 1/2 clinical trial for Fabry disease.

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