Albireo Pharma Inc., of Boston, said it completed its public offering of 2.2 million shares priced at $20.50 apiece, with underwriters exercising their option to purchase an additional 330,000 shares. Gross proceeds totaled about $51.9 million, with net proceeds of $48.2 million to support work on bile acid modulators for pediatric liver disease. Cowen and William Blair acted as joint book-running managers and representatives of the underwriters, while Needham & Co. and Wedbush Pacgrow acted as co-managers.
Glycomimetics Inc., of Rockville, Md., said it closed its public offering of about 8.1 million shares priced at $11.50 each, which included the exercise in full by underwriters to purchase up to 1.1 million shares. Gross proceeds were $92.6 million. Jefferies LLC and Cowen acted as joint book-running managers, and Suntrust Robinson Humphrey Inc. acted as lead manager. Glycomimetics is advancing rivipansel, a pan-selectin antagonist, in phase III testing in vaso-occlusive crisis in sickle cell disease with partner Pfizer Inc., of New York, and has wholly owned GMI-1271, an E-selectin antagonist, in phase I/II testing in acute myeloid leukemia and in phase I testing in multiple myeloma.
Immunovaccine Inc., of Halifax, Nova Scotia, said it entered a bought deal financing agreement to sell about 7.7 million common shares at a price of C$1.30 (US97 cents) per share for gross proceeds of about C$10 million. The offering will be conducted through a syndicate of underwriters led by Echelon Wealth Partners and National Bank Financial Inc. and including Mackie Research Capital Corp. Immunovaccine granted underwriters an overallotment option to purchase up to an additional 1.2 million shares, which would increase gross proceeds to about C$11.5 million. Funds will be used to advance its Depovax-based products in clinical studies and for general corporate and working capital purposes. The offering is set to close on or about June 21. Shares of Immunovaccine (TSX:IMV) closed Wednesday at C$1.33, down C8 cents.
Inmed Pharmaceuticals Inc., of Vancouver, British Columbia, said it closed its public offering, issuing 12.8 million units priced at 45 cents apiece for aggregate gross proceeds of about $5.8 million. Underwriters were led by Canaccord Genuity Corp. and included Eight Capital along with Roth Capital Partners LLC. The units issued include about 1.7 million units sold pursuant to the overallotment option, which was exercised in full. Each unit comprised one common share and one-half of one common share purchase warrant. In addition, Inmed issued to the underwriters a total of 535,620 nontransferable broker warrants, each of which entitles the holder to acquire a common share of the company at an exercise price of 45 cents per common share for a period of 12 months following the closing date for the offering. Inmed intends to use the net proceeds to support the continued research and development of INM-750 for the treatment of epidermolysis bullosa; to further develop other research and development programs, including its biosynthesis assets; for general and administrative expenses; and to fund working capital.
Inventisbio Inc., of Shanghai, said it raised $19 million in series B financing led by Orbimed Asia Partners and joined by Lilly Asia Ventures. Inventisbio, which has operations in both China and the U.S., has four drug candidates for cancers and gout, with three expected to enter phase I testing in the U.S. and China this year.
Strekin AG, of Basel, Switzerland, said it closed a seed C round totaling CHF10 million (US$10.3 million) from private investors. Funds will enable the company to conduct a second clinical trial of STR-001 as a potential new treatment for acute types of hearing loss, and to pave the way for broader indications. STR-001 is a PPAR-gamma agonist designed to protect auditory hair cells of the inner ear through multiple mechanisms. A phase II study is ongoing, evaluating the ability of intratympanic STR-001 to prevent hearing loss in patients undergoing cochlear implantation surgery. A phase III study, RESTORE, is planned to test the drug, as an intratympanic treatment, with and without oral follow-up with STR-001 tablets, in patients from sudden onset sensorineural hearing loss.
Zymeworks Inc., of Vancouver, British Columbia, said it completed the sale of an additional 394,467 common shares to the underwriters of its IPO at a price of $13 per share, for additional gross proceeds to Zymeworks of $5.1 million, pursuant to the partial exercise by the underwriters of their overallotment option.