SpyGlass Pharma, a Phase 3 biotech developing implants to treat chronic eye conditions, announced terms for its IPO on Thursday.
The Aliso Viejo, CA-based company plans to raise $150 million by offering 9.4 million shares at a price range of $15 to $17. At the midpoint of the proposed range, SpyGlass Pharma would command a fully diluted market value of $549 million.
SpyGlass Pharma is a late-stage biopharmaceutical company focused on chronic eye conditions by developing durable drug delivery solutions that provide long-term disease control and vision preservation. Its lead product candidate, the Bimatoprost Drug Pad-IOL System (BIM-IOL System), comprising novel, proprietary drug pads attached to an intraocular lens (IOL), is designed to be implanted during routine cataract surgery to reduce elevated intraocular pressure (IOP) in patients who have either open-angle glaucoma (OAG) or ocular hypertension (OHT). The company is also developing a non-IOL-based, ring-shaped, sustained-release implant with bimatoprost, which it believes could be implanted in a standalone procedure, enable retreatment of patients who have received the BIM-IOL System, and offer extended care to patients with OAG or OHT who already received a prior cataract surgery.
SpyGlass Pharma was founded in 2019 and plans to list on the Nasdaq under the symbol SGP. Jefferies, Leerink Partners, Citi, and Stifel are the joint bookrunners on the deal.
