Frequency Therapeutics updated its $123 Million IPO on 9/23/19. The Woburn, Ma based company is focused on on harnessing the body’s innate biology to repair or reverse damage caused by a broad range of degenerative diseases. The company will trade on NASDAQ under the symbol, “FREQ.”
Frequency's proprietary approach, Progenitor Cell Activation (PCA), uses combinations of small molecules to activate progenitor cells within the body to create functional tissue. The progenitor cells are related to stem cells and are already located in the targeted sites. The company's lead candidate is FX-322 and is intended to treat sensorineural hearing loss (SNHL). SNHL is the most prevalent type of hearing loss, typically caused by permanent loss of sensory hair cells in the cochlea within the ear. The company estimates that 59 million people in the United States alone have SNHL.
Frequency expects to begin Ph IIa trials in the fourth quarter in 2019. They intend to report top-line data in the second half of 2020. In addition to SNHL, the company believes that its approach has the potential to provide transformative benefits for patients across a wide range of degenerative conditions, including multiple sclerosis, or MS, and diseases of the muscle, gastrointestinal tract, skin, and bone.
In July of 2019, the company raised $62 Million in series C. The financing was led by Perceptive Advisors and a syndicate that includes new investors Deerfield Management, RTW Investments and Mizuho Securities Principal Investment, as well as existing investors Polaris Founders Capital, Taiwania Capital Management, Axil Capital, and CoBro Ventures. With the closing of the Series C, Frequency has raised a total of $147 million in equity financings.