Jyong Biotech, a commercial-ready Taiwanese biotech developing therapies for urinary diseases, filed on Thursday with the SEC to raise up to $29 million in an initial public offering. The company had previously filed in August 2023 to raise $40 million, but withdrew the offering the following December prior to setting terms.
Jyong Biotech is focused on developing and commercializing innovative and differentiated new plant-derived drugs, mainly specializing in the treatment of urinary system diseases, with an initial focus on the US, EU, and Asia markets. Its lead candidate, MCS-2, is a softgel containing patented active pharmaceutical ingredients of carotenoid chylomicrons that is being developed for benign prostate hyperplasia/lower urinary tract symptoms. The company filed an NDA for MCS-2 with the FDA in December 2021, but voluntarily withdrew the filing in November 2022. Once it has addressed comments from the FDA, the company plans to resubmit the NDA, though the timeline for resubmission is unclear at this point. Jyong Biotech's pipeline also contains a Phase 2 candidate being developed for prostate cancer prevention and a preclinical candidate being developed for interstitial cystitis.
The New Taipei City, Taiwan-based company was founded in 2002 and plans to list on the NYSE American but has not selected a symbol yet (RC ticker: JBIO.RC). Joseph Stone Capital is the sole bookrunner on the deal. No pricing terms were disclosed.
