Foghorn Therapeutics IPO Raises $120 Million

Cambridge biotech Foghorn Therapeutics’ common stock began trading on The Nasdaq Global Market on October 23. The gross proceeds of the initial public offering are expected to be approximately $120 million. Foghorn Therapeutics is discovering and developing a novel class of medicines targeting genetically determined dependencies within the chromatin regulatory system which regulates which genes are expressed to make a protein within cells, at a specific time and in a certain order.

Through its proprietary scalable Gene Traffic Control platform, Foghorn is systematically studying, identifying and validating potential drug targets within the chromatin regulatory system. The company is developing multiple product candidates in oncology and expects to file an IND for its first program later this year. (Source: Foghorn Therapeutics Website, 22 October, 2020)