Stock Market Downturn Leads Biotech Company Polypid to Backtrack on IPO
The Israel-based company has postponed its planned IPO after Nasdaq, Dow Jones trended down heavily last week
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Based in Petach Tikva, east of Tel Aviv, Polypid was established in 2008. The clinical-stage company develops encapsulating drug delivery technology that enables extended and localized release. 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 new prospectus was approved by Nasdaq on Tuesday. Polypid intends to use the funding raised for clinical development and trials, and for manufacturing activities.