Arix Biosciences PLC (LON:ARIX) has seen a significant uplift in the value of its investment in a pre-clinical genome editing company, which recently made its stock market debut on NASDAQ.
The UK investor in life sciences opportunities owns a stake 12.9% stake in LogicBio (NASDAQ:LOGC), worth US$30mln, which is US$16mln more than Arix ploughed into the business.
The IPO, meanwhile, brought in gross proceeds of US$80.5mln and valued LogicBio at just over US$200mln at US$10 a share.
Founded four years ago and based in Cambridge, Massachusetts, the research and development group has licensed technology from Stanford and Texas universities that allows the insertion of corrective genes to the human genome.
It’s hoped the advance will allow LogicBio to create treatments for rare diseases with the company focusing initially on liver disorders in children.