Clementia Pharmaceuticals prices IPO to generate up to $172 million

Clementia Pharmaceuticals Inc., a Montreal-based clinical-stage biopharmaceutical company, recently filed their initial public offering (IPO) on the Nasdaq Global Market. The company plans to sell up to 9.2 million common shares at US$15 per unit, which would generate proceeds of as much as $172 million (US$138 million).

Founded in 2010 by CEO Clarissa Desjardins, Clementia is developing treatments for patients suffering from debilitating bone and other diseases. It is backed by BDC CapitalJanus Henderson InvestorsOrbiMed Advisors, New Enterprise Associates, and the Fonds de solidarité FTQ, which recently disclosed an investment of $13.4 million back in March.

Its initial public offering of 8,000,000 common shares will be offered at an initial public offering price of $15.00 per share. The shares are expected to begin trading on The NASDAQ Global Select Market on August 2, 2017 under the ticker symbol “CMTA”. In addition, Clementia has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 common shares at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on August 7, 2017, subject to customary closing conditions.

“By supporting Clementia Pharmaceuticals, the Fonds is once again demonstrating its commitment to the life sciences sector. However, it also reflects the potential of the biotech industry in Québec. A long-time investor in this sector, the Fonds targeted the life sciences sector as one of its priority areas of investment following its strategic planning exercise,” said Gaétan Morin, President and Chief Executive Officer, Fonds de solidarité FTQ

The success of Clementia and other life sciences firms, such as Repare Therapeutics and Zymeworks, is indicative of Québec’s and Canada’s biotech ecosystem regaining its past glory.

READ ALSO: Repare Therapeutics raises US$68 million Series A for their cancer treatment drugs

“Due to a plethora of seasoned drug development experts and research and services infrastructure, Québec is poised to be a global leader in the development of novel therapies. Clementia Pharmaceuticals is a recent example of this potential. We would like to thank the Clementia management team, including Clarissa Desjardins, President and CEO and Michael Singer, CFO as well as the company’s investors, Orbimed, NEA and particularly BDC Capital who played a major role in the company’s creation,” said Alain Denis, Senior Vice-President for Innovation, Fonds de solidarité FTQ

READ ALSO: Milestone Pharmaceuticals secures $68 million Series C

“Besides Clementia’s IPO, the $US 68 million in financing recently closed by Repare Therapeutics and Zymeworks’ successful IPO is indicative of Quebec’s and Canada’s biotech ecosystem regaining its past glory. Through investments in specialized funds such as Versant Ventures VI and direct investments the Fonds is positioning itself as a key player in this renewal,” said Didier Leconte, Senior Investment Director for Life Sciences, Fonds de solidarité FTQ.


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