Foghorn Therapeutics Proposes Terms For U.S. IPO

Foghorn Therapeutics (FHTX) aims to raise $120 million in an IPO of its common stock, according to an S-1 registration statement…

Cambridge, Massachusetts-based Foghorn was founded to develop enzyme inhibition and protein degradation approaches to treating cancers including uveal melanoma, synovial sarcoma and others.

Management is headed by president and CEO Adrian Gottschalk, who has been with the firm since May 2017 and was previously SVP and Neurodegeneration Therapeutics Area Head at Biogen.

Below is a brief overview video of uveal melanoma:

The firm’s lead candidate, FHD-286, is being developed for the treatment of uveal melanoma and management expects to file an IND in Q4 2020 for its Phase 1 safety trial protocol.

Below is the current status of the company’s drug development pipeline:

foghornpipe

Source: Company S-1 Filing

Investors in the firm have invested at least $134.5 million and include Flagship Pioneering and the Klarman Family Foundation.

According to a 2019 market research report by MedGadget, in the U.S., 2018 saw an estimated 3,540 new cases and 350 deaths from ocular melanoma.

The global market is forecast to grow at a rate of 7.8% from 2019 to 2023.

Key elements driving this expected growth are an increase in the prevalence of eye cancer in elderly populations.

Also, the United States accounts for the highest market share owing to an increase in disease prevalence and a high healthcare expenditure rate.

Europe is the second largest market followed by the Asia Pacific region, which is also expected to grow at the fastest rate through 2023.

Major competitive vendors that provide or are developing treatments include…

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