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Gyroscope Therapeutics launches IPO roadshow

May 3, 2021 By Sean Whooley

Gyroscope TherapeuticsGyroscope Therapeutics announced today that it launched the roadshow for its initial public offering of nearly 7 million shares.

London-based Gyroscope’s U.S. offering includes up to 6.75 million American Depository Shares (ADSs) representing 6.75 million ordinary shares, according to a news release.

Gyroscope expects pricing for the IPO to range between $20 and $22 per ADS, which would produce a total offering size of between approximately  $135 million and $148.5 million before underwriting discounts and commissions.

In addition, Gyroscope expects to grant underwriters a 30-day option to purchase up to more than 1 million additional ADSs at the IPO price. The company will sell all ADSs in the proposed offering and it applied to list its ADSs on the Nasdaq market under the “VISN” ticker.

Morgan Stanley, Goldman Sachs & Co. and Citigroup are acting as joint book-running managers for the offering.

In March, Gyroscope raised $148 million (£107.8 million) in a Series C financing round to advance the clinical development of GT005, the company’s investigational gene therapy designed to treat geographic atrophy (GA) secondary to age-related macular degeneration (AMD).

GT005 received fast-track designation from the FDA and is currently under evaluation in Phase 2 clinical trials. The company is working to advance its early-stage pipeline and its delivery technology, which includes the proprietary Orbit subretinal delivery system that provides precise delivery of therapeutics to the back of the eye.

Filed Under: Business/Financial News, Drug-Device Combinations, Featured, Funding Roundup, Initial Public Offering (IPO), Optical/Ophthalmic Tagged With: Gyroscope Therapeutics

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at swhooley@wtwhmedia.com.

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