Malin-backed Poseida raises $110m just days after filing for IPO

Poseida Therapeutics, a company in which Dublin-listed life-sciences investment group has a significant stake, has raised $110 million (€98 million) in a Series D funding round just days after filing for a potential initial public offering (IPO).

The financing was led by funds by funds advised by Fidelity Management, with participation by Adage Capital Management and Schonfeld Strategic Advisors.

Proceeds from the financing will primarily be used to advance the company’s ongoing clinical trials, and for further research and development.

Malin did not participate in the financing round and said it will not materially increase the last disclosed fair value estimate of its €111 million investment in Poseida. The life sciences investment company acquired a 33 per cent stake in the San Diego-headquartered company in late 2015 in a deal valued at $30 million.

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Poseida is one of four priority assets in which Malin has a share.

It is a human therapeutics company using genome engineering technologies to develop new, life-saving treatments, including gene therapies for rare liver diseases and immuno-oncology therapeutics for several types of cancer. The company is currently focused on developing gene therapies for liver diseases and autologous chimeric antigen receptor T-cell (CAR-T) therapies.

Earlier this week it applied to list its common stock on the Nasdaq exchange under the symbol PSTX. The move came just over a year after it surprised market watchers when it decided not to proceed with a similar application and instead raised $142 million from backers, including Malin, in a Series C round.