Medikra, a Malaysia-based developer of plant-based bioactives focused on obesity and metabolic syndrome, raised the proposed deal size for its upcoming IPO on Friday.
The Petaling Jaya, Malaysia-based company now plans to raise $25 million by offering 4.5 million shares at a price range of $5 to $6. The company had previously filed to offer 3.6 million shares at the same range. At the midpoint of the revised deal size, Medikra will raise 25% more in proceeds than previously anticipated.
Medikra is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of pharmaceutical-grade botanical therapeutics. The company advances plant-derived bioactive ingredients into regulated medicines by integrating proprietary botanical extraction, analytical standardization, preclinical and clinical development, and multi-omics (e.g. proteomics and transcriptomics) analysis. Medikra's lead product candidate, SKF7, is a patented standardized extract of Labisia pumila, a medicinal plant indigenous to Malaysia, under development for the treatment of abdominal obesity and metabolic syndrome. SKF7 has been evaluated in multicenter, randomized, placebo-controlled Phase I and Phase II clinical trials conducted in Malaysia, Indonesia, and India.
Medikra was founded in 2006 and plans to list on the NYSE American under the symbol MDKR. Brookline Capital Markets is the sole bookrunner on the deal.
