Nabriva, REGENXBIO, and Penumbra Set to Go Public This Week
Published: Sep 15, 2015
September 14, 2015
By Mark Terry, BioSpace.com Breaking News Staff
Two biotech companies and a medical device company all have initial public offerings (IPO) going live this week. They are Nabriva Therapeutics, REGENXBIO and Penumbra.
Nabriva Therapeutics, is headquartered in Vienna, Austria with U.S. offices in King of Prussia, Penn. Nabriva is a clinical-stage biopharmaceutical companies working to develop new antibiotics, with a focus on the pleuromutilin class of antibiotics. Its lead product, lefamulin, will soon enter international Phase III clinical trials for the treatment of community-acquired bacterial pneumonia (CABP).
The company also has BC-7013, a topical pleuromutilin candidate, which recently completed a Phase I trial. It is believed to be suitable for the treatment of topical infections, such as Gram-positive infections, and uncomplicated skin and skin structure infections (uSSSIs).
Nabriva plans to raise $96 million through its IPO. The company raised $50 in April from investors Vivo Capital, OrbiMed, Novartis and others. Renaissance Capital IPO Center says that “insiders plan to purchase an additional $50 million worth of shares on the offering, or 52 percent of the proposed deal size.”
Rockville, Md.-based REGENXBIO Inc. focuses on gene therapy using AAV vectors. The company was founded in 2009 based on a collaboration between FoxKiser LLP, the University of Pennsylvania and James Wilson, a pioneering researcher in gene therapy. The company has a proprietary NAV Technology Program, made up of exclusive rights to more than 100 novel AAV serotypes.
The company has licensing deals for its technology with numerous companies, including AAVLife, Audentes, AveXis, Baxalta, Dimension Therapeutics, Esteve, Lysogene and Voyager Therapeutics. The NAV Technology Platform is being used to develop 23 product candidates, including 18 partnered product candidates.
In May, REGENXBIO brought in $71 million from investors Janus, Venrock, Deerfield, GlaxoSmithKline , Fidelity and Vivo Capital. REGENXBIO’s IPO will offer 5.6 million shares with a price of $17 to $19 per share and an expected deal size of $100 million.
The RegenXBio IPO date is Thursday Sept. 17, 2015.
Headquartered in Alameda, Calif., Penumbra is a medical device company that currently employs 1,000 people with sales operations in North America, Europe, Australia and Asia. The company’s products are focused on neurology and peripheral vascular uses. It has several products on the market to deal with ischemic stroke, hemorrhagic strokes and various peripheral vascular disorders that can be treated through thrombectomy and embolization.
In May, the company announced aspiration thrombectomy system had received 510(k) marketing clearance from the U.S. Food and Drug Administration (FDA) for the revascularization of large vessel occlusions in patients with acute ischemic stroke.
The company has reported 41 percent growth in sales in the first half of 2015 and “near-profitability.” Its market cap is $847 million, which will make it the largest medical products company to go public this year. The IPO will offer 4.4 million shares with a price range of $25 to $28 for a deal of $122.4 million.
Analysts with SeekingAlpha note that, “At $28 per share, the price is a lot for an IPO, but Penumbra is justified in going for that much. It is a rising, profitable company in a field which has had steady growth over the past few years.”
The IPO is expected to trade on Friday, Sept. 18, 2015.