BOSTON, July 30, 2020 (GLOBE NEWSWIRE) -- Inozyme Pharma, Inc. (Nasdaq: INZY), a rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases of abnormal mineralization, today announced the closing of its initial public offering of 7,000,000 shares of common stock at a public offering price of $16.00 per share on July 28, 2020 and the closing of the sale of 1,050,000 additional shares of common stock on July 30, 2020 following the exercise in full by the underwriters of their option to purchase additional shares. Aggregate gross proceeds from the initial public offering, including the option shares, totaled $128.8 million, before underwriting discounts and commissions and offering expenses payable by Inozyme. All shares were offered and sold by Inozyme.

Inozyme’s common stock began trading on the Nasdaq Global Select Market under the ticker symbol “INZY” on July 24, 2020.

BofA Securities, Cowen and Piper Sandler acted as joint book-running managers for the offering. Wedbush PacGrow acted as lead manager for the offering.

About Inozyme Pharma

Inozyme Pharma is a rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases of abnormal mineralization. Through our in-depth understanding of the biological pathways involved in mineralization, we are pursuing the development of therapeutics to address the underlying causes of these debilitating diseases. It is well established that two genes, ENPP1 and ABCC6, play key roles in a critical mineralization pathway and that defects in these genes lead to abnormal mineralization. We are initially focused on developing a novel therapy to treat the rare genetic diseases of ENPP1 and ABCC6 deficiencies.