Hematology-Focused Biotech Imara to IPO Soon

Imara, which is developing a drug for sickle cell disease and beta thalassemia, has set the terms for its initial public offering (IPO), with shares expected to sell for $16 to $18 each. The company could raise up to $80 million through the IPO, helping fund its drug IMR-687.

The biotech is currently running a phase 2a clinical trial testing IMR-687 in patients with sickle cell disease. Interim results presented last year showed the drug produced a 110% increase in the percentage of red blood cells that contain fetal hemoglobin. Low hemoglobin is what causes red blood cells to sickle.

In the first half of this year, Imara plans to start a phase 2b clinical trial in sickle cell disease and a separate phase 2b study in beta thalassemia.

Source Fool.com