PolyPid, an early stage drug delivery biotech developing an antibiotic coating for bone repair, announced terms for its IPO on Friday. The Petach Tikva, Israel-based company plans to raise $20 million by offering 1.8 million shares at a price range of $10 to $12. At the midpoint of the proposed range, PolyPid would command a fully diluted market value of $107 million.
PolyPid's two lead candidates, BonyPid-1000 and BonyPid-500, combat bacterial infection around implanted bone substitutes (for open bone fractures) and around dental implants by coating the bone substitute with an antibiotic that uses its proprietary drug delivery technology.
The company has completed two pilot studies for BonyPid-1000 and expects to complete a confirmatory trial in the 2H15 for a CE Mark authorizing marketing in Europe. It also expects to begin a pilot trial for BonyPid-500 in the 2H15, and hopes to launch both drugs in Europe in the 2H17. It will use both studies to support the safety and preliminary effectiveness of its drugs during as it begins the FDA approval process.
Founded in 2008, PolyPid plans to list on the NASDAQ under the symbol PLPD. Aegis Capital is the sole bookrunner on the deal. No pricing date was disclosed.
