Parkinson's biotech NeuroDerm sets terms for $65 million IPO

NeuroDerm, an Israeli biotech developing continuous-release formulations of existing treatments for Parkinson's disease, announced terms for its IPO on Monday. The Rehovot, Israel-based company plans to raise $65 million by offering 4.5 million shares at a price range of $13 to $16. At the midpoint of the proposed range, NeuroDerm would command a fully diluted market value of $260 million.

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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.

NeuroDerm, which was founded in 2003, plans to list on the NASDAQ under the symbol NDRM. Jefferies & Co. and Cowen & Company are the joint bookrunners on the deal. It is expected to price during the week of November 10, 2014.