Fractyl Health — developer of medtech and gene therapies to reverse diabetes and obesity — began trading on the Nasdaq today under the symbol GUTS.
Lexington, Massachusetts–based Fractyl Health priced its 7,333,333 shares of common stock at $15 per share, enabling it to bring in about $110 million from the IPO.
The company expected the offering to close on Feb. 6, subject to customary closing conditions. In addition, Fractyl Health has granted the underwriters a 30-day option to purchase up to an additional 1,099,999 shares of common stock at the initial public offering price less the underwriting discounts and commissions.
BofA Securities, Morgan Stanley and Evercore ISI are the joint book-running managers on the IPO.
More about Fractyl Health
Fractyl Health’s technologies include its Revita system, which uses hydrothermal ablation to target the duodenum in conjunction with empagliflozin. There is also Rejuva — a one-time, durable pancreatic gene therapy designed to improve islet health.
In an SEC filing accompanying the IPO, Fractly Health said it sees clinical opportunities across the spectrum of metabolic disease, from advanced T2D on insulin to obesity and prediabetes.
The company presented positive study results at the American Diabetes Association’s 83rd Scientific Sessions last year.
Upcoming milestones on Fractyl Health’s calendar include:
- Pivotal trial data in Q4 2024 on Revita for insulin-treated type 2 diabetes;
- An IDE submission in the first half of 2024 to study Revita for weight maintenance;
- A candidate nomination in Q1 2024 and IND or IND-equivalent submission in the second half of 2024 for Rejuva for type 2 diabetes;
- Candidate nomination in the second half of 2024 for Rejuva for obesity.
