Clementia surpasses projection for initial public offering, bringing total proceeds to $174 million

After its shares began trading on the Nasdaq global market under the symbol CMTA earlier this month, Clementia Pharmaceuticals Inc. announced that the underwriters of its previously announced initial public offering exercised their option to purchase an additional 1,191,000 common shares at the public offering price of $15.00 per share. This resulted in additional gross proceeds of approximately $22 million.

As a result, the total initial public offering size was 9,191,000 common shares, for aggregate gross proceeds to Clementia from the offering, before deducting the underwriting discounts and commissions and offering expenses, of approximately $137.9 million.

Including the additional proceeds from the offering’s greenshoe option, the total proceeds came to about $174 million, surpassing the projected maximum proceeds of $172 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 AdvisorsNew Enterprise Associates, and the Fonds de solidarité FTQ, which recently disclosed an investment of $13.4 million back in March.

“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.

Photo via Unsplash



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