BioLingus, a Switzerland-based Phase 1 biotech developing sublingual peptides for diabetes, lowered the proposed deal size for its upcoming IPO on Thursday. In its latest filing, the company also disclosed financials for the fiscal year ended April 30, 2023.
The Hergiswil, Switzerland-based company now plans to raise $7 million by offering 0.4 million shares at $20. The company had previously filed to offer 3 million shares at a range of $15 to $16. At the revised terms, BioLingus will raise 85% less in proceeds than previously anticipated. The IPO float is just 3.5% of basic shares outstanding.
BioLingus is focused on the development of sublingual delivery of peptides and proteins. The company believes that there are two areas with significant commercial potential: Metabolic diseases, particularly diabetes and obesity and related metabolic disorders such as NASH, and immunology, mainly allergy and autoimmune disorders. The company's lead candidate, Liraglutide Sublingual, began a Phase 1b/2a dose-finding study in late April 2023 in Hong Kong, for patients with type 2 diabetes. As of November 9, 2023, 4 of 16 patients had been enrolled.
BioLingus was founded in 2012 and plans to list on the Nasdaq under the symbol SUBL. Univest Securities is the sole bookrunner on the deal.
