RECURSION PHARMACEUTICALS, INC. (RXRX) plans to raise $306 million in an initial public offering (IPO) on Friday, April 16th, IPO Scoop reports. The company plans to issue 18,000,000 shares at $16.00-$18.00 per share.
In the last year, RECURSION PHARMACEUTICALS, INC. generated $4 million in revenue and had a net loss of $87 million. The company has a market cap of $2.7 billion.
Goldman Sachs, J.P. Morgan, BofA Securities, SVB Leerink, Allen & Co. and KeyBanc Capital Markets acted as the underwriters for the IPO.
RECURSION PHARMACEUTICALS, INC. provided the following description of their company for its IPO: “We are a clinical-stage biotechnology company decoding biology by integrating technological innovations across biology, chemistry, automation, data science and engineering, with the goal of radically improving the lives of patients and industrializing drug discovery. Central to our mission is the Recursion Operating System that combines an advanced infrastructure layer to generate what we believe is one of the world’s largest and fastest-growing proprietary biological and chemical datasets and the Recursion Map, a suite of custom software, algorithms and machine learning (AI) tools. We use those tools to explore foundational biology unconstrained by human bias and navigate to new biological insights that may accelerate our programs. We expect to initiate Phase 2 clinical trials within the next four to five quarters for these four drug pipeline treatment programs: which were discovered via our Recursion Operating System: 1. REC-4881, an oral treatment for FAP, a rare tumor condition that can cause colon cancer; REC-3599 to treat GM2 gangliosidosis; REC-2282 to treat neurofibromatosis type 2 (NF2) – Phase 2/3 initiation expected within the next four to five quarters, and REC-994 to treat cerebral cavernous malformation (CCM). “.
RECURSION PHARMACEUTICALS, INC. was founded in 2013 and has 216 employees. The company is located at 41 S Rio Grande Street Salt Lake City, UT 84101 (385) 269-0203 and can be reached via phone at (385) 269-0203).
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