Lakewood-Amedex Biotherapeutics, which is developing a topical antimicrobial treatment for drug-resistant infections, filed on Friday for a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; Lakewood-Amedex will not raise new capital in its listing.
The Registered Stockholders plan to sell up to 4.7 million shares. In addition, the company agreed to sell 937,500 shares of Series C Preferred Stock to accredited investors for gross proceeds of $7.5 million; the shares were sold at a 20% discount to the stated value of $10 per share, and have a variable conversion price depending on the market price. At $8 per share, the company would be valued at about $122 million.
The company's lead product candidate, Nu-3, is a broad-spectrum Bisphosphocin®, a proprietary synthetic antimicrobial nucleotide derivative, formulated for the topical treatment of chronically infected diabetic foot ulcers (DFUs). The company successfully completed a first-in-human exploratory clinical trial and plans to advance Nu-3 into a Phase 2a safety and dose-response trial, followed by a placebo-controlled Phase 2b study.
The University Park, FL-based company was founded in 2007 and plans to list on the Nasdaq under the symbol LABT. RBW Capital Partners is serving as an advisor on the deal, and a placement agent for the Series C sale.
