Arix Bioscience plc

LogicBio Prices Nasdaq IPO

LONDON, October 19, 2018 /PRNewswire/ --

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION WITHIN THE MEANING OF THE EU MARKET ABUSE REGULATION NO.596/2014 

• Third public listing of an Arix company, three years after LogicBio inception
• Arix invests $7.0 million (£5.4 million) in the IPO to retain a stake of 13.5% in LogicBio
• The new total value of Arix's shareholding in LogicBio is £22.9 million; this represents a gain of £12.6 million on total cash invested in LogicBio by Arix

Arix Bioscience plc (LSE: ARIX) ("Arix"), a global healthcare and life science company supporting medical innovation notes one of its Group Businesses, LogicBio Therapeutics, Inc ("LogicBio"), has announced the pricing of its initial public offering of 7,000,000 shares of common stock at a public offering price of $10.00 per share for aggregate gross proceeds of $70.0 million. All of the shares are being offered by LogicBio. LogicBio's common stock is expected to begin trading on The Nasdaq Global Market on 19 October 2018 under the ticker symbol "LOGC".

The IPO resulted in an increase in the value of Arix's initial investment in LogicBio to £17.5 million; a £12.6 million uplift to the last disclosed value of £4.9m^[1]. Additionally, Arix has agreed to invest $7.0 million (£5.4 million) in the IPO to retain a total stake of 13.5% in LogicBio (amounting to 2,979,023 shares of common stock), giving a total new valuation of £22.9 million at the close of business on 18 October 2018.

LogicBio expects to use the net proceeds from the IPO for ongoing development of its lead product candidate, for discovery and preclinical development of additional product candidates using its GeneRide platform and the remainder for general corporate purposes.

Joe Anderson, CIO of Arix, commented:  

"Gene therapy offers great promise for tackling rare diseases and the science is advancing rapidly. Genetic disease in early childhood presents a particular set of challenges, which we believe LogicBio has the potential to address with its GeneRide technology. We continue to work with the company as it advances towards the clinic with potential breakthrough treatments for patients."

   
    Arix valuation at 30 June 2018 GBP4.9m
    Valuation uplift               GBP12.6m
    Participation in IPO           GBP5.4m ($7.0m)
    Total Arix valuation           GBP22.9m

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.