Beroni Group, a Phase 2 biotech developing therapies for cancer and infectious diseases, filed on Monday with the SEC for an initial public offering. The company did not disclose a proposed deal size, though we estimate it could raise up to $20 million. Beroni is currently listed on the OTCQX (BNIGF) and the National Stock Exchange in Australia (BTG).
Beroni is currently developing an anti-cancer drug, PENAO, which is expected to enter Phase 2 trials for multiple indications in early 2022. It also expects to initiate Phase 1 trials of its gamma delta T cell candidate for cancer and HIV, and is conducting animal testing on single-domain antibody technology for detecting and treating the COVID-19 virus. The company's other division is responsible for maintaining an e-commerce platform focused on sales of a diverse range of pharmaceutical and healthcare products. Substantially all of Beroni's operations are located in China.
The Sydney, Australia-based company was founded in 2016 and booked $2 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol BRNI. Maxim Group LLC is the sole bookrunner on the deal. No pricing terms were disclosed.
