Tobira Therapeutics, a biotech developing an immunotherapy treatment for liver disease (NASH) and HIV, postponed its IPO on Thursday, citing market conditions. It originally planned to raise $60 million last week and command a fully diluted market value of $150 million.
Tobira plans to begin Phase 2 trials for nonalcoholic steatohepatitis, or NASH, in the 2H14. It expects that the growing rate of obesity in the US will only further contribute to instances of NASH. The company notes that there are no approved pharmaceutical agents for NASH, though March IPO Galmed (GLMD) is targeting the disease.
Its immunotherapy agent should also enter Phase 3 trials for HIV type 1 after it finds a collaboration partner. Preclinical indications have fibrosis and inflammation in the pipeline. Insiders had planned to purchase $15 million to $20 million (29%) worth of shares on the offering.
The San Francisco, CA-based company was founded in 2006 and had planned to list on the NASDAQ under the symbol TBRA. BMO Capital Markets, JMP Securities and Oppenheimer were set to be the joint bookrunners on the deal.
