Fractyl Health — developer of medtech and gene therapies to reverse diabetes and obesity — began trading on the Nasdaq today under the symbol GUTS.
Lexington, Massachusetts–based Fractyl Health priced its 7,333,333 shares of common stock at $15 per share, enabling it to bring in about $110 million from the IPO.
The company expected the offering to close on Feb. 6, subject to customary closing conditions. In addition, Fractyl Health has granted the underwriters a 30-day option to purchase up to an additional 1,099,999 shares of common stock at the initial public offering price less the underwriting discounts and commissions.
The company’s technologies include its Revita system, which uses hydrothermal ablation to target the duodenum in conjunction with empagliflozin. There is also Rejuva — a one-time, durable pancreatic gene therapy designed to improve islet health.