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Imago BioSciences, Inc. (NASDAQ: IMGO) announced that two abstracts related to its LSD1 inhibitor, Bomedemstat (IMG-7289), have been accepted for oral presentations at the 63rd American Society of Hematology Annual Meeting, scheduled for December 11-14, 2021. The first presentation focuses on a Phase 2 study targeting advanced myelofibrosis, while the second addresses essential thrombocythemia. Bomedemstat is currently in two Phase 2 trials and has received FDA Orphan Drug and Fast Track Designation, along with EMA Orphan Designation.
Imago BioSciences (NASDAQ: IMGO) is set to join the Russell 2000 Index on September 20, 2021, following its successful IPO in July. This inclusion is expected to enhance market awareness of Imago's innovative treatments for myeloproliferative neoplasms (MPNs). Imago is focused on developing Bomedemstat, an oral small molecule inhibitor of LSD1, currently in Phase 2 trials for essential thrombocythemia and myelofibrosis. The Russell 2000 Index represents about 10% of the total market capitalization and is a benchmark for numerous investment strategies.
Imago BioSciences (Nasdaq: IMGO) reported Q2 2021 financial results, highlighting transformative progress in clinical development. Key milestones include the successful completion of the IPO, raising $174.6 million, and full enrollment of 89 patients in the Phase 2 myelofibrosis trial. R&D expenses rose to $7.1 million due to ongoing clinical trials, while G&A expenses increased to $1.7 million as the company prepared for public company status. The net loss for Q2 2021 was $8.8 million, compared to $3.7 million the previous year. Cash and equivalents stood at $81.1 million as of June 30, 2021.
Imago BioSciences (Nasdaq: IMGO) announced that the European Medicines Agency (EMA) granted orphan designation for bomedemstat, an LSD1 inhibitor, for treating essential thrombocythemia (ET). This designation is pivotal for addressing a 20% patient segment intolerant to standard treatments. Recent Phase 2 data presented at the European Hematology Association Congress showed bomedemstat is well-tolerated and demonstrates promising activity. The company is planning a pivotal study to meet significant medical needs for ET.
Imago BioSciences (NASDAQ: IMGO) announced that underwriters have exercised an option to purchase an additional 1,260,000 shares of common stock as part of a public offering, resulting in gross proceeds of approximately $20.2 million. This follows the earlier announcement of the offering, with Jefferies, Cowen, Stifel, and Guggenheim Securities serving as joint book-running managers. The offering was registered with the SEC, effective July 15, 2021. Notably, this press release does not constitute an offer to sell or a solicitation to buy these securities.
Imago BioSciences, Inc. (NASDAQ: IMGO) announced the closing of its $134.4 million initial public offering and an additional $20.0 million from a private placement. The offering involved 8,400,000 shares priced at $16.00 each, providing significant capital for the clinical-stage biopharmaceutical company focused on treatments for myeloproliferative neoplasms. The shares are now listed on The Nasdaq Global Select Market under the ticker symbol IMGO. Leading investment firms managed the offering.
Imago BioSciences has priced its upsized initial public offering (IPO) of 8,400,000 shares at $16.00 each, aiming for gross proceeds of approximately $134.4 million. The offering includes a 30-day option for underwriters to purchase an additional 1,260,000 shares. Imago’s stock will begin trading on the Nasdaq under the symbol 'IMGO' on July 16, 2021, with the offering expected to close on July 20, 2021, subject to customary conditions. Jefferies, Cowen, Stifel, and Guggenheim Securities are the joint book-running managers for this IPO.