Apimeds Pharmaceuticals US, a clinical-stage developer of bee venom-based treatments for inflammation, raised $14 million by offering 3.4 million shares at $4.00, the low end of the range of $4.00 to $5.00. The company downsized the offering from a previously-planned 3.5 million shares. Existing shareholders had indicated on purchasing 20% of the IPO.
Because its market cap at IPO is less than $50 million, Apimeds Pharmaceuticals US will not be included in Renaissance Capital's 2025 IPO stats and screens.
Based in Hopewell, NJ, with a South Korea-based parent, Apimeds Pharmaceuticals US is developing Apitox, an intradermally administered bee venom-based toxin. The company aims to use it to treat inflammation and pain management symptoms associated with knee osteoarthritis. Apitox is currently marketed and sold in South Korea by Apimeds, a subsidiary of Inscobee. The company previously completed a Phase 3 trial in the US in 2018, but it did not meet FDA standards for approval, and is now currently pursuing a second Phase 3 trial.
Apimeds Pharmaceuticals US plans to list on the NYSE American under the symbol APUS. D. Boral Capital acted as sole bookrunner on the deal.
