Biotech Company Polypid Aims to Raise $75 Million with Nasdaq IPO
The Israel-based company develops a pharmaceutical mechanism that slows down drug delivery
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Based on the prospectus, Polypid is looking to raise the money according to a pre-funding valuation of $275 million to $325 million.
Established in 2008 and based in Petach Tikva, a city in the Tel Aviv metropolitan area, Polypid is a clinical-stage company developing encapsulation technology for extended release, localized drug delivery. The technology could enable better control of problematic drugs like those that are sensitive to heat or pH levels or are toxic in large doses, improving both their safety and their performance.
The company intends to use the funding raised for clinical development and trials, and for manufacturing activities, according to the prospectus.
This is Polypid’s second IPO attempt. The company first tried listing three years ago at a valuation of $100 million, but withdrew its submission in early 2015. Polypid previously raised $22 million in 2016 at a $82 million valuation.
Goldman Sachs, Oppenheimer & Co., Cowen Inc., Cantor Fitzgerald & Co. and Raymond James Financial are the underwriters listed for the IPO. Polypid stated they have the option to purchase up to 500,000 additional ordinary shares at the initial price.