Metabolic disorder-focused biotechnology company Vogenx (VOGX.US) announced the terms of its initial public offering on Wednesday. The company, which is currently advancing a Phase 2b clinical program, is aiming to raise $75 million.

The Raleigh, North Carolina-based company plans to offer 6.3 million shares priced between $11 and $13 each. Based on the midpoint of that range, Vogenx would have a fully diluted market capitalization of approximately $173 million.

Vogenx is a clinical-stage biopharmaceutical firm specializing in discovering and developing treatments for conditions linked to metabolic dysfunction, including post-bariatric hypoglycemia (PBH) and gastroparesis. Its lead product candidate, mizagliflozin, is an oral, low-absorption small molecule that inhibits sodium-glucose transporter 1 (SGLT1). The company has licensed the drug from Kissei Pharmaceutical for global markets, excluding Japan, South Korea, and Taiwan.

To date, mizagliflozin has been administered to over 500 subjects across ten clinical studies, including two completed Phase 2 trials for PBH. The drug is currently being evaluated in a Phase 2b study for the same indication, named EMERGE. Additionally, Vogenx is exploring mizagliflozin for gastroparesis and GIP-dependent Cushing's syndrome, and has a preclinical small-molecule candidate, VGX-2857, under investigation for metabolic diseases such as weight maintenance.

Founded in 2021, Vogenx intends to list on the Nasdaq under the ticker symbol VOGX. JonesTrading is acting as the sole book-running manager for the offering.