BOSTON, July 23, 2020 (GLOBE NEWSWIRE) -- Inozyme Pharma, Inc. (“Inozyme”) (Nasdaq: INZY), a rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases of abnormal mineralization, today announced the pricing of its initial public offering of 7,000,000 shares of common stock at a public offering price of $16.00 per share, for gross proceeds of $112.0 million, before underwriting discounts and commissions and offering expenses payable by Inozyme. In addition, Inozyme has granted the underwriters an option for a period of 30 days to purchase up to 1,050,000 additional shares of common stock at the initial public offering price, less underwriting discounts and commissions. All shares are being offered and sold by Inozyme.
Inozyme’s common stock is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “INZY” on July 24, 2020. The offering is expected to close on or about July 28, 2020, subject to the satisfaction of customary closing conditions.
BofA Securities, Cowen and Piper Sandler are acting as joint book-running managers for the offering. Wedbush PacGrow is acting as lead manager for the offering.
A registration statement relating to the offering of these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on July 23, 2020. Copies of the registration statement can be accessed by visiting the SEC website at www.sec.gov. The securities referred to in this release are to be offered only by means of a prospectus. A preliminary prospectus describing the terms of the offering has been filed with the SEC and forms a part of the effective registration statement. When available, a copy of the final prospectus relating to the offering may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by email at firstname.lastname@example.org; Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, by email at PostSaleManualRequests@broadridge.com or by telephone at (833) 297-2926; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, via telephone at (800) 747-3924 or via email at email@example.com.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About Inozyme Pharma
Inozyme Pharma is a rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases of abnormal mineralization. Through our in-depth understanding of the biological pathways involved in mineralization, we are pursuing the development of therapeutics to address the underlying causes of these debilitating diseases. It is well established that two genes, ENPP1 and ABCC6, play key roles in a critical mineralization pathway and that defects in these genes lead to abnormal mineralization. We are initially focused on developing a novel therapy to treat the rare genetic diseases of ENPP1 and ABCC6 deficiencies.
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words, without limitation, “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms of the offering or at all, and other factors discussed in the “Risk Factors” section of the preliminary prospectus that forms a part of the effective registration statement filed with the SEC. Any forward-looking statements contained in this press release are based on the current expectations of Inozyme’s management team and speak only as of the date hereof, and Inozyme specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Axel Bolte, Co-founder, President and CEO
Alex Van Rees
(973) 442-1555 ext. 111