Biophytis SA, of Paris, said it implemented a €10 million (US$11.7 million) bond financing with Kreos Capital, in four tranches available until June 2019. Two tranches of €2.5 million could be issued as early as this month, a third one could be issued before the end of 2018 and the last one before June 2019. Kreos also will receive share warrants for a valuation of €1 million. Biophytis is advancing a phase IIb sarcopenia program and is prepping a clinical program in Duchenne myopathy expected to be authorized by the FDA before year-end.
Foamix Pharmaceuticals Ltd., of Rehovot, Israel, said it intends to offer and sell, subject to market conditions, $70 million of its ordinary shares in an underwritten public offering and also intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the ordinary shares sold in the public offering on the same terms and conditions.
Galapagos NV, of Mechelen, Belgium, said it priced its U.S. public offering totaling $300 million gross proceeds from the sale of 2.575 million new ordinary shares in the form of American depositary shares (ADSs) at $116.50 each. In addition, the company has granted the underwriters an option to purchase up to an additional 386,266 ADSs.
Principia Biopharma Inc., of South San Francisco, filed to amend its proposed IPO and is now planning to sell 6.3 million shares priced between $15 and $17 per share, up from the 4.68 million previously filed at the same range. It said it has produced three new drug candidates from its reversible, tailored covalency platform, resulting in four clinical programs. In November, the company signed an agreement giving Sanofi SA, of Paris, an exclusive global license to develop and commercialize its oral BTK inhibitor, PRN-2246, in exchange for $40 million up front and milestone payments that could reach $765 million. PRN-2246 is aimed at the treatment of multiple sclerosis and potentially other central nervous system diseases. The company has applied to list its shares on Nasdaq under the symbol PRNB. (See BioWorld, Nov. 10, 2017, and Aug. 21, 2018.)
Vivo Capital, of Palo Alto, Calif., said it made the final closing of Vivo Opportunity Fund LP at an oversubscribed $635 million, which brings the firm's total funds under management to more than $2.2 billion. As a long-only public equity fund, the fund plans to invest in small to midcap public life sciences companies through follow-on financings, private placements, IPOs and block trades.
Xenon Pharmaceuticals Inc., of Burnaby, British Columbia, said it priced its underwritten public offering of 4.5 million common shares at $14 each for gross proceeds of $63 million. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 675,000 common shares at the public offering price.