Apimeds Pharmaceuticals US, a clinical stage biotech developing a bee venom-based treatment for inflammation, filed on Wednesday with the SEC to raise up to $12 million in an initial public offering.
Apimeds Pharmaceuticals is developing Apitox, an intradermally administered bee venom-based toxin. The company aims to use it to treat inflammation and pain management symptoms associated with knee osteoarthritis. Apitox is currently marketed and sold in South Korea by Apimeds, a subsidiary of its parent company Inscobee. The company embarked on a Phase 3 trial in the US, which was completed in 2018. However, the trial did not meet the FDA's standards for approval, due to having an inadequately small study population, and inadequate methods for handling missing data. Apimeds Pharmaceuticals is currently pursuing a second Phase 3 trial.
The Hopewell, NJ-based company was founded in 2020 and plans to list on the NYSE American under the symbol APUS. EF Hutton is the sole bookrunner on the deal. No pricing terms were disclosed.
