AEON Biopharma, a Phase 2 biotech developing a botulinum toxin therapy for neuro and gastroenterology indications, postponed its IPO on Friday. It had filed to raise $75 million by offering 5 million shares at a price range of $14 to $16.
AEON is developing its proprietary botulinum toxin complex, ABP-450 (prabotulinumtoxinA), for debilitating medical conditions, with an initial focus on the neurology and gastroenterology markets. ABP-450 is the same botulinum toxin complex that is currently approved and marketed for cosmetic indications. The company's IND application for ABP-450 as a preventative treatment for migraine was accepted by the FDA in the 4Q20, and it began enrolling patients for a Phase 2 trial in the 1Q21. AEON plans to announce topline data related to this study in the 2H22. Its IND application for ABP-450 as a treatment for cervical dystonia was accepted by FDA in the 3Q20, and it initiated a Phase 2 trial in the 1Q21, with topline data expected in early 2022.
The Newport Beach, CA-based company was founded in 2012 and booked $1 million in revenue for the 12 months ended June 30, 2021. It had planned to list on the Nasdaq under the symbol AEON. Wells Fargo Securities, Cantor Fitzgerald, Mizuho Securities, and H.C. Wainwright were set to be the joint bookrunners on the deal.
