Apimeds Pharmaceuticals US, a clinical stage biotech developing bee venom-based treatment for inflammation, announced terms for its IPO on Friday.
The Hopewell, NJ-based company plans to raise $12 million by offering 3.3 million shares at a price range of $3 to $4. Insiders intend to purchase $3 million worth of shares in the offering (26% of the deal). At the midpoint of the proposed range, Apimeds Pharmaceuticals US would command a fully diluted market value of $41 million.
Because the company is expected to have a post-IPO market cap of less than $50 million, Apimeds Pharmaceuticals US will be excluded from Renaissance Capital's IPO stats.
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.
Apimeds Pharmaceuticals US 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.
