Virobay, an early-stage biotech developing a drug platform for pain, Crohn's disease and psoriasis, filed on Wednesday with the SEC to raise up to $50 million in an initial public offering. The company's drug development platform is based on inhibiting cysteine cathepsins, enzymes that are active in the biology of many diseases.
Virobay has completed Phase 1 trials for treatments that target neuropathic pain, Crohn's disease, and psoriasis, all of which are expected to begin Phase 2 trials in 2015. It has partnered with LEO for its psoriasis indication, a disease that is also targeted by upcoming IPOs Vitae (VTAE), Dermira (DERM) and Forward Pharma (FWP). The company also plans to begin Phase 1 trials for NASH in 2015. Primary shareholders include TPG (29% pre-IPO stake), Sutter Hill Ventures (27%), Alta Partners (26%) and AbbVie (16%).
The Menlo Park, CA-based company, which was founded in 2006 and booked $2 million in sales for the 12 months ended June 30, 2014, plans to list on the NASDAQ under the symbol VBAY. Virobay initially filed confidentially on 7/2/2014. Piper Jaffray and JMP Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
