Oxford biotech startup Nightstar Therapeutics plans US float

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The UK-based firm is planning to float in the US (Source: Getty)

Nightstar Therapeutics, a biotech startup that was created out of Oxford University, has proposed an initial public offering (IPO) on the Nasdaq stock exchange.

The UK biotech firm develops gene therapies for rare eye diseases, and last week it said it aimed to raise up to $86m (£66m) in its US float.

The new funds will be used to complete the final stage of clinical trials for its therapy, NSR-REP1, the Sunday Times reported.

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Founded in 2014, the company has developed a technology that could cure blindness.

Nightstar is the latest in a number of UK-based healthcare companies looking to US markets for IPOs. Investors in the US are said to have a better understanding of biotech, which leads them to value early-stage companies at higher amounts.

Nightstar is set to float at an estimated valuation of $250m.

The firm has raised funds through three rounds of investment, the most recent of which raised $45m in June.

The London Stock Exchange has not lost out on all recent floats in the sector, however. Last month, biotech company Destiny Pharma said it was plotting a London float.

Read more: It is Destiny: Biotech company to float on London Stock Exchange

Tags: IPOs