Parkinson's biotech NeuroDerm files for a $65 million IPO

NeuroDerm, an Israeli biotech developing continuous-release formulations of existing treatments for Parkinson's disease, filed on Monday with the SEC to raise up to $65 million in an initial public offering.

The company's lead candidates are in Phase 2a trials for moderate and severe Parkinson's disease. These subcutaneous drugs offer a 24-hour adjustable dose of levodopa-carbidopa (LD/CD), the current standard treatment. NeuroDerm claims that oral LD/CD's biggest limitation is its inconsistent absorption.

Primary shareholders include Chairman Robert Taub, Director Uwe Wascher, Director Shmuel Cabilly and Israel-based Capital Point.

Civitas Therapeutics (CVTS), another biotech working to reduce the "off" time experienced by Parkinson's disease patients via 505(b)(2) approval, set terms on Monday to price during the week of September 22.

The Rehovot, Israel-based company, which was founded in 2003, plans to list on the NASDAQ under the symbol NDRM. NeuroDerm initially filed confidentially on April 11, 2014. Jefferies and Cowen & Company are the joint bookrunners on the deal. No pricing terms were disclosed.