Entera Bio files for $50m Nasdaq IPO

drug development

Phase II/III trials for the Israeli company's hypoparathyroidism treatment are due to begin in the first quarter of 2018.

DNA Biomedical Solutions Ltd. (TASE: DNA) today notified the Tel Aviv Stock Exchange (TASE) that its subsidiary Entera Bio, a product-focused biotech company specializing in the oral delivery of large molecules and biologics, has filed with the US Securities and Exchange Commission (SEC) for a Nasdaq IPO to raise up to $50 million.

DNA has a 29% stake in Entera Bio and following the announcement its share price rose 5%, giving the company a market cap of NIS 67 million.

Based in Jerusalem, Entera Bio develops drugs based on PTH 1-34 for three separate therapeutic applications: hypoparathyroidism, osteoporosis, and bone healing.

In october, Entera Bio raised $12.5 million as a bridge private placement financing round at a company value of $100 million.

Previous investors in Entera Bio include Kite Pharma (sold recently for $12 billion) founder and CEO Prof. Arie Belldegrun, Pontifax Fund, and Two River Group Holdings. These investors did not participate in the bridge investment. The investors in the bridge financing round were mainly private Israeli investors from outside the biotech industry and institutional investors.

Phase II/III trials for the hypoparathyroidism treatment are due to begin in the first quarter of 2018. The drug has received FDA orphan status for the treatment of rare diseases meaning it has a shorter track to market.

Published by Globes [online], Israel business news - www.globes-online.com - on November 12, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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