Peanut allergy biotech DBV Technologies files to raise $96 million in a US IPO

DBV Technologies, a French biotech developing immunotherapy patches that treat food allergies, filed on Monday with the SEC to raise up to $96 million in an initial public offering of ADSs representing shares listed on the Euronext Paris under the symbol DBV. The company also intends to list its shares in Canada and other countries outside of France.

DBV recently announced topline results for its Phase 2b clinical trial of Viaskin Peanut, an electrostatic patch that delivers biologically active compounds to the immune system through the skin. Viaskin peanut obtained Fast Track Designation from the FDA, and expects to begin Phase 3 trials in the 1Q16. The company also plans to initiate a Phase 1 trial in the 4Q14 for cow's milk protein allergy in children.

Primary shareholders include Sofinnova Partners, Bpifrance and CEO Pierre-Henri Benhamou (4%).

The Bagneux, France-based company, which was founded in 2002 and booked $7 million in revenue for the 12 months ended June 30, 2014, plans to list on the NASDAQ under the symbol DBVT. DBV Technologies initially filed confidentially on July 25, 2014. Citi, Leerink Partners and Bryan, Garnier & Co are the joint bookrunners on the deal. No pricing terms were disclosed.