enGene debuts as publicly traded genetics medicine company

Lumira Ventures portfolio company enGene Holdings has completed a business combination with a special purpose acquisition company and a concurrent oversubscribed private investment in public equity financing. As a result of this combination, enGene has become a publicly traded company whose shares are now listed on the Nasdaq market under the symbol “ENGN.” Gross proceeds from this transaction totaled approximately CAD$191 million. With operations in Montreal and Boston, enGene is currently enrolling patients in a pivotal trial of its lead program EG-70 in patients with BCG-unresponsive non-muscle-invasive bladder cancer with carcinoma in situ. EG-70 was developed using the company’s proprietary Dually Derivatized Oligochitosan platform, which enables a carrier to penetrate mucosal tissue and deliver a wide range of sizes and types of cargo, including DNA and various forms of RNA, by turning mucosal cells into therapeutic production “factories” that generate proteins and RNAs for a desired local effect. “We are extremely proud of the progress enGene has made since our foundational investment in the company in 2015 via our Merck Lumira Biosciences Fund,” stated Peter van der Velden, Managing General Partner of Lumira Ventures. “That fund focused on identifying and building transformative biotechnology companies in Quebec, and enGene is certainly fulfilling that promise. Our commitment to the company runs deep and we are pleased to have provided the continuity of capital that is so critical for success in our sector, via investments in enGene from multiple Lumira-managed funds, including most recently via Lumira Ventures Fund IV’s participation in the PIPE transaction.” “Lumira Ventures financial support and strategic guidance have been critical to enGene’s ability to develop our therapeutic platform, build a world-class team, and complete this important transaction,” said Jason Hanson, Chief Executive Officer of enGene. “We now look forward to advancing our shared mission to expand genetic medicine into the mainstream of clinical practice and address the high disease burden faced by patients in our areas of focus.” Gerry Brunk, Managing Director of Lumira Ventures and enGene board member, added: “We extend our appreciation to the entire enGene management team and board in achieving this important milestone, as well as to our longtime enGene co-investors, Fonds de solidarite FTQ and Forbion. We also note the support of this transaction by other Lumira limited partners Northleaf Capital Partners, Investissement Quebec, and other new investors including BVF Partners, Omega Funds, Cowen Healthcare Investments, and Vivo Capital.” Based on data from Pitchbook and the CVCA, we believe enGene’s entry onto the Nasdaq exchange represents the first Canadian biotechnology company to debut in the public markets since 2020. We also believe that the company’s oversubscribed PIPE is the largest equity financing for a private or public Canadian biotechnology company in 2023.