LONDON Shares in Erytech Pharma SA began trading in Paris last week following an initial public offering (IPO) that exceeded the €15 million (US$19.5 million) target, raising €16.7 million.
The Lyon, France-based company added a further €11 million, mostly through the conversion of bonds, providing sufficient funding to take the lead program Graspa through to approval in Europe and to start a U.S. Phase Ib trial of the product in the treatment of acute lymphoblastic leukemia (ALL).
"I'm very pleased," said Gil Beyen, Erytech's new CEO. "It was a good process with good interest from the investors notwithstanding the financial climate," he told BioWorld Today. The shares were "settled and stable" when trading began on NYSE Euronext in Paris on May 7, Beyen noted.
Erytech issued 1.53 million shares priced in the mid-range of its €10.50 to €12.70