PolyPid, an early stage drug delivery biotech developing an antibiotic coating for bone repair, filed on Tuesday with the SEC to raise up to $24 million in an initial public offering.
PolyPid's two lead candidates, BonyPid-1000 and BonyPid-500, combat bacterial infection around implanted bone substitutes (for open bone fractures) and around dental implants by coating the bone substitute with an antibiotic that uses its proprietary drug delivery technology.
The company has completed two pilot studies for BonyPid-1000 and expects to complete a confirmatory trial in the 2H15 for a CE Mark authorizing marketing in Europe. It also expects to begin a pilot trial for BonyPid-500 in the 2H15, and hopes to launch both drugs in Europe in the 2H17. It will use both studies to support the safety and preliminary effectiveness of its drugs during as it begins the FDA approval process.
PolyPid's primary shareholders are officers and directors and include Chairman Anat Segal, COO Jack Kyiet, CTO Noam Emanuel, Yehuda Nir, David Segal, CEO Amir Weisberg, Director Arik Lukach and Director Yechezkel Barenholz.
The Petach Tikva, Israel-based company, which was founded in 2008, plans to list on the NASDAQ under the symbol PLPD. PolyPid initially filed confidentially on July 8, 2014. Aegis Capital is the sole bookrunner on the deal. No pricing terms were disclosed.
