PolyPid, an early-stage drug delivery biotech developing an antibiotic coating for bone repair, withdrew its plans for an initial public offering on Thursday.
In October 2014, the Petach Tikva, Israel-based company set terms to raise $20 million by offering 1.8 million shares at a price range of $10 to $12. However, it postponed the offering in November. At the midpoint of the proposed range, PolyPid would have commanded a fully diluted market value of $107 million.
PolyPid's two lead candidates, BonyPid-1000 and BonyPid-500, combat bacterial infection around implanted bone substitutes (for open bone fractures) and around dental implants by coating the bone substitute with an antibiotic that uses its proprietary drug delivery technology.
The company has completed two pilot studies for BonyPid-1000 and expected to complete a confirmatory trial in the 2H15 for a CE Mark authorizing marketing in Europe. It also expected to begin a pilot trial for BonyPid-500 in the 2H15, and hoped to launch both drugs in Europe in the 2H17. It planned to use both studies to support the safety and preliminary effectiveness of its drugs to secure FDA approval.
PolyPid was founded in 2008 and planned to list on the NASDAQ under the symbol PLPD. Aegis Capital was set to be the sole bookrunner on the deal.
