AMT completes IPO, raises €53M

IPO

Gene therapy specialist Amsterdam Molecular Therapeutics Holding BV completed its initial public offering on the Amsterdam market of Euronext, raising €53.4 million.

The company offered 5.75 million shares at €10.00 each, for a market capitalisation of around €139 million.

AMT focuses on orphan diseases. Its lead product, AMT-011 to treat LPL deficiency, a rare metabolic disease, is currently in phase III clinical trials. The company expects to file for approval in Europe in the first quarter of 2008, followed by filings in the US and Canada.

All AMT's products are based on its adeno-associated virus gene delivery technology platform and its baculovirus manufacturing platform. The company has the ability to genetically engineer the virus to target specific organs or tissues.

AMT was founded in 1998 by scientists from University of Amsterdam Medical Centre.

The proceeds of the IPO will be used to develop and commercialise its products and to build a specialised marketing and sales team for Europe and North America.

Following the IPO, 63 per cent of AMT will be owned by the venture capital investors, Advent Venture Partners, Forbion Capital Partners, Gilde Healthcare Partners, Essential Medical Treatments AG, Crédit Agricole Private Equity and Amsterdam Medical Centre.

Directors of the company have agreed to a 12-month lock up, while the major shareholders have agreed to a 6-month lock up, followed by a further 6 months when their selling rights will be restricted.