Bellus Health Inc., of Laval, Quebec, said it filed a preliminary prospectus supplement to its short form base shelf prospectus in connection with a proposed $60 million public offering of its common shares and the filing of an application to list its common shares on Nasdaq under the ticker BLU. The company also expects to grant underwriters a 30-day option to purchase up to an additional 15% of the number of common shares offered. The offering has yet to be priced. In July, the company reported that the first patient had been enrolled in the phase II RELIEF study of BLU-5937 for the treatment of refractory chronic cough. The study will evaluate the efficacy and safety of the compound and is expected to build on phase I evidence showing little to no impact on taste. Top-line results are anticipated in mid-2020.
Collplant Biotechnologies Ltd., of Rehovot, Israel, said it entered definitive agreements for up to $6.5 million funding in convertible loans. The capital raise is by way of a nonbrokered private placement with Ami Sagi, the company's largest shareholder, and U.S. accredited investors. Sagi funded the company with $2 million and agreed to fund an additional $1 million following the execution of a license and/or a co-development agreement between the company and a strategic business partner, if such were to occur. The additional investors have agreed to purchase $3.5 million in convertible loans that automatically convert into the company's American depositary shares (ADSs) at a conversion price of $4 per ADS. All investors will also receive three-year warrants to purchase up to an aggregate of 1.625 million ADSs exercisable at $4 per ADS.
IGM Biosciences Inc., of Mountain View, Calif., filed to offer up to 7.81 million shares priced between $15 and $17 each in its IPO. The company has applied to list its shares on Nasdaq under the symbol IGMS. The company's lead candidate, IGM-2323, a bispecific T-cell engaging IgM antibody targeting CD20 and CD3 proteins, is expected to enter phase I testing for the potential treatment of relapsed/refractory B-cell non-Hodgkin lymphoma this year. Its second candidate, an IgM antibody targeting death receptor 5 proteins for the treatment of patients with solid and hematologic malignancies, is headed toward an IND filing next year. (See BioWorld, Aug. 21, 2019.)
Motif Bio plc, of London, said its lender, Hercules Capital Inc., agreed to amend the company's loan and security agreement in order that the next amortization date is postponed from Sept. 1 to Oct. 1, and the September payment will be interest only. Hercules made that change in support of the company managing its cash position to advance its pipeline expansion strategy and prepare for an upcoming FDA meeting to discuss its proposed clinical trial for iclaprim for the treatment of acute bacterial skin and skin structure infections.
Novaremed AG, of Basel, Switzerland, said it has secured CHF2.6 million (US$2.63 million) in additional financing from its existing shareholders and several new private investors. That brings the total financing raised by the company, since its inception, to CHF21 million. The company is working on initiating a phase IIb study in diabetic neuropathic pain.
Satsuma Pharmaceuticals Inc., of South San Francisco, which is developing STS-101 (dihydroergotamine nasal powder) for the acute treatment of migraine, said it started an underwritten IPO of up to 5 million shares and expects to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock at the public offering price. The company expects to use the net proceeds to fund its phase III EMERGE efficacy trial for STS-101, its phase III safety trial for STS-101, and manufacturing activities. Any remaining amounts will support the commercial launch of STS-101 and for working capital and general corporate purposes. Satsuma has applied to list its shares on Nasdaq under the symbol STSA.
Sernova Corp., of London, Ontario, said it completed a second closing of $2.25 million of its nonbrokered private placement, bringing the total amount raised to date to $4.58 million. The company said it is increasing the maximum offering, for a total of up to $5.5 million of units priced at 20 cents each and consisting of one common share and one common share purchase warrant exercisable into one share at 30 cents.
Springworks Therapeutics Inc., of Stamford, Conn., has filed to sell up to 7.35 million shares between $16 and $18 each in an IPO and applied to list its shares on Nasdaq under the symbol SWTX. The firm's most advanced product candidate, nirogacestat, is an oral, small-molecule gamma secretase inhibitor, in phase III development for the treatment of desmoid tumors, a rare and often debilitating and disfiguring soft tissue tumor. Its second product candidate, mirdametinib, is an oral, small-molecule MEK inhibitor, initially in development for the treatment of neurofibromatosis type 1-associated plexiform neurofibromas. Earlier this year, the company closed a $125 million series B preferred stock financing. (See BioWorld, April 2, 2019.)
Strekin AG, of Basel, Switzerland, said it closed a series A financing round totaling CHF2.82 million (US$2.85 million) from private investors. The funds will support the completion of its ongoing phase III trial of STR-001 in sudden sensorineural hearing loss and to prepare for a European filing. STR-001 has been found to effectively protect hearing in animal models by blocking oxidative stress and reducing activation of inflammatory signaling in the cochlea.