Salt Lake City biotech company seeking to raise $100 million in IPO

Courtesy of Recursion

Salt Lake City biotech company seeking to raise $100 million in IPO

By Lauren Bennett, | Posted - Mar. 23, 2021 at 1:33 p.m.

SALT LAKE CITY — Local biotechnology company Recursion Pharmaceuticals filed its initial public offering with the Security Exchange Commission Monday. The company is seeking to raise $100 million in the IPO.

Recursion Pharmaceuticals will trade under the ticker RXRX on the Nasdaq composite.

Founded in 2013 by two graduate students and located in downtown Salt Lake City, Recursion is a biotech company and self-described underdog that's set out to "radically improve lives" through decoding biology, according to the company's mission statement.

Recursion uses artificial intelligence combined with biology to find new treatments for rare diseases and conditions. The company uses this technology in an effort to revolutionize the biotech and pharmaceutical industries and believes their approach is quicker than traditional methods by revamping the pharmaceutical pipeline, according to the company's website.

In September 2020, Recursion raised $239 million in a Series D funding round headed by Leaps by Bayer, the company's new investor. In July 2020, Recursion acquired Vium, a California-based biotech company focused on drug development.

"The core principle of our approach to improving the scale and efficiency of drug discovery is to automate and integrate the wet lab to create massive empirical datasets of biology and the dry lab where we leverage machine learning, or ML, to unravel the complex patterns within our datasets," wrote CEO and cofounder Chris Gibson in the S-1 filing.

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