Tarsier Pharma, an Israel-based Phase 3 biotech developing steroid-free therapies for ocular diseases, raised the proposed deal size for its upcoming IPO on Wednesday.
The Zichron Yaacov, Israel-based company now plans to raise $50 million by offering 5.6 million shares at a price range of $8 to $10. The company had previously filed to offer 5 million shares at the same range. At the midpoint, Tarsier Pharma will raise 11% more in proceeds than previously anticipated and command a fully dilutive market cap of $299 million.
Tarsier Pharma is a late-stage clinical biopharmaceutical firm developing novel therapies for inflammatory eye diseases that can lead to blindness. Its lead platform, based on the immunomodulatory compound dazdotuftide, is designed to treat conditions such as non-infectious anterior uveitis without relying on steroids, which are the current standard of care but can increase the risk of glaucoma. The company is advancing both an eye drop (TRS01) and an injectable formulation (TRS02) to reduce inflammation while avoiding steroid-related side effects, targeting what it calls a high unmet need among patients with uveitis and associated glaucoma.
Tarsier Pharma was founded in 2016. It plans to list on the NYSE under the symbol TARX. Konik Capital Partners is the sole bookrunner on the deal.
