Invea Therapeutics, a clinical-stage biotech developing oral small molecules for inflammatory diseases, announced terms for its IPO on Wednesday. Invea Therapeutics originally filed for an IPO in October 2023, but later withdrew its filing the following March.
The Guilford, CT-based company plans to raise $35 million by offering 3.2 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Invea Therapeutics would command a fully diluted market value of $127.5 million.
Invea Therapeutics works on advancing two oral, small molecule product candidates for immune-mediated inflammatory diseases, or IMIDs. Lead candidate INVA8001 targets chronic inducible urticarial, and the company plans to submit a CTA in the EU to begin a Phase 2a trial; INVA80001 was in-licensed from Daiichi Sankyo after it failed to meet its endpoint for a different indication. Invea’s second candidate, novel INVA8003, is in preclinical development. The company applies AI-driven methods to identify therapies for IMIDs, which it estimates affect 200 to 500 million individuals worldwide.
Invea Therapeutics was founded in 2021 and plans to list on the Nasdaq under the symbol INAI. ThinkEquity is the sole bookrunner on the deal.
