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Pfizer-backed biopharma company Imara files for IPO

Pfizer Inc.-backed biopharma company Imara Inc. filed initial public offering documents late Friday with the Securities and Exchange Commission, planning to list on the Nasdaq Global Market under the ticker symbol “IMRA.” According to the documents, Imara plans to raise $86.3 million, and Morgan Stanley, Citigroup and SVB Leerink are underwriting the issue. “We are a clinical-stage biopharmaceutical company dedicated to developing and commercializing novel therapeutics to treat patients suffering from rare inherited genetic disorders of hemoglobin, known as hemoglobinopathies,” the company wrote in the prospectus. The company has not booked revenue in 2019 and reported a net loss of $23.5 million, widening from the previous year’s $11.3 million loss. The company has $28.9 million in cash and equivalents as of the end of December. Pfizer owns a stake in the company through its Pfizer Ventures LLC investment arm.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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