Lakewood-Amedex Biotherapeutics, which is developing a topical antimicrobial treatment for drug-resistant infections, completed its direct listing on the Nasdaq on Thursday. Shares of common stock were sold by existing shareholders; the company did not raise new capital in connection with its listing.
The Registered Stockholders registered to sell up to 4.7 million shares; ahead of trading, Nasdaq will take buy and sell orders to arrive at a "reference price" and ultimately an opening price. 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.
Lakewood-Amedex Biotherapeutics' lead product candidate, Nu-3, is a proprietary synthetic antimicrobial nucleotide derivative formulated for the topical treatment of chronically infected diabetic foot ulcers (DFUs). The company says it is advancing a novel and proprietary class of antimicrobials that it calls "Bisphosphocins" which it believes are potent, fast-acting, and broad-spectrum. The company has 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 will trade on the Nasdaq under the symbol LABT. As a direct listing, there were no underwriters; however, RBW Capital Partners served as an advisor on the listing, and a placement agent for the Series C sale.
