Ritter Pharmaceuticals, which is developing an oral therapy that reduces the symptoms of lactose intolerance, raised $20 million by offering 4.0 million shares at $5.00.
The health care company had been scheduled to price last week, but pushed back the offer date to Tuesday evening. In an amendment, it also dropped the proposed market cap by 45% to $39 million, as its $5 share price removed the impact of dilutive options. Per Renaissance Capital's $50 million market cap cutoff, we do not count this IPO in our market stats.
Ritter's lead candidate RP-G28 is designed to stimulate growth of lactose-metabolizing bacteria in the colon to reduce symptoms of lactose intolerance. It was well tolerated and appeared to relieve symptoms in a 62-patient Phase 2a study. The company plans to use the proceeds of the IPO to advance RP-G28 into a 300-subject Phase 2b/3 trial.
Primary shareholders include Javelin Venture Partners (35%), Stonehenge Partners (15%) and CEO Michael Step (12%).
French food allergies biotech DBV Technologies (DBVT) raised $93 million at a $907 million market cap when it listed in the US in October 2014. It now trades 27% above its offer price.
The Los Angeles, CA-based company is now listed on the NASDAQ under the symbol RTTR. Aegis Capital and Chardan Capital Markets acted as lead managers on the deal.
