Maze Therapeutics, a clinical-stage biopharmaceutical company, has raised $140 million in its upsized initial public offering (IPO), pricing shares at $16 each.
The company plans to use these funds to advance its groundbreaking research in small molecule precision medicines, targeting renal, cardiovascular and metabolic diseases, including obesity.
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The announcement follows a $115 million Series D financing in December 2024, co-led by Frazier Life Sciences and Deep Track Capital, with participation from Janus Henderson Investors and Logos Capital. Maze’s previous investors include top-tier firms like Third Rock Ventures, ARCH Venture Partners and Andreessen Horowitz.
The offering, which includes 8.75 million shares, is set to close on February 3, 2025, after the shares begin trading on the Nasdaq under the ticker symbol “MAZE” on January 31.
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Maze stands out in the biotech space with its Compass platform, which analyzes genetic data to identify disease-linked variants. It then studies how these variants affect disease progression and uses this information to develop treatments that either mimic protective variants or block harmful ones.
For complex diseases like chronic kidney disease (CKD), where genetics play a significant role, such a platform holds promise.
Certain genes have been linked to an increased risk of CKD, with APOL1 being one of the most well-studied.
Variants of the APOL1 gene, specifically those associated with APOL1-mediated kidney disease (AKD), have been shown to play a critical role in kidney damage, especially among those with Western and Central African heritage.
Maze Therapeutics’ pipeline includes two lead programs, MZE829 and MZE782, both focused on CKD. MZE829 is an oral, small molecule inhibitor targeting APOL1 for patients with APOL1 kidney disease.
MZE829 aims to mimic a protective genetic variant of APOL1. The Phase I trial showed promising safety and pharmacokinetics. Maze plans to begin a Phase II trial in 2025 and expects proof-of-concept data by early 2026.
MZE782 targets the SLC6A19 transporter, aiming to treat CKD patients who do not respond well to current therapies. Maze initiated the Phase I trial in 2024, with results expected in 2025.
MZE782 also shows potential in treating phenylketonuria (PKU), a metabolic disease, with further studies planned after the Phase I trial.
To further expand its research, Maze has entered several strategic partnerships and licensing agreements. Notably, MZE001, a program for Pompe disease, was licensed to Shionogi & Co. for an upfront payment of $150 million.
The company has also partnered with Neurocrine Biosciences and Trace Neuroscience to develop treatments for multiple diseases.
By 2040, CKD is projected to surpass diabetes as the fifth leading cause of years of life lost (YLL). Should Maze Therapeutics’ candidates succeed, they could offer hope to the millions living with CKD.
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