AVROBIO IPO'S on NASDAQ - Raises over US$100 Million
The University of Health Network (UHN)'s spinout - AVROBIO Inc - a recently public gene therapy biotechnology company raised over US$100 Million in it's initial public offering (IPO) on the NASDAQ stock exchange. Less than one month of going public, AVROBIO it trading with a market cap of greater than US$651 Million. AVROBIO is trading on the NASDAQ under the ticker symbol "AVRO".
AVROBIO, founded on the research done by Dr. Christopher Paige (UHN Senior Scientist; http://www.uhnresearch.ca/researcher/christopher-j-paige) and Dr. Jeffrey Medin (now at the Medical College of Wisconsin), is a clinical stage company focused on developing disruptive yet potentially curative lentiviral-based gene therapies for rare lysosomal storage diseases as well as specific cancers.
Dr. Brad Wouters, Executive VP, Science and Research at UHN, emphasizes that the founding and IPO launch of AVROBIO are "excellent examples of how investing in basic, translational and clinical research can get these much needed innovations to patients in the shortest time possible." In AVROBIO's success, Dr. John Reid, Director of UHN's Technology Development and Commercialization (TDC) Office, points to the "strength of Toronto's ecosystem and to our ability to discover and develop commercially interesting, [cutting-edge] research that attracts top investors and management teams." Adds Mark Taylor, TDC's Team Lead, Licensing and Commercialization, "We're proud to have helped advance AVROBIO from start up to incubation through to it's IPO in approximately three years - a remarkable commercial feat!"
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