PolyPid, a Phase 3 biotech developing extended-release drugs to prevent surgical site infections, filed on Friday with the SEC to raise up to $58 million in an initial public offering. This is the third time PolyPid has filed to go public. It last filed in February 2018 but withdrew a month later, citing market conditions.
PolyPid's lead candidate D-PLEX100 is currently in a Phase 3 trial for bone surgical site infections (SSIs) and the company is planning to initiate a Phase 3 trial for abdominal SSIs set to begin in the 3Q 2020.
Primary shareholders include Aurum Ventures (14% pre-IPO stake), Shavit Capital (7%), Director Chaim Hurvitz (6%), co-founder and CTO/ CSO Noam Emanuel (3%) and CEO Amir Weisberg (3%).
The Petah Tikva, Israel-based company was founded in 2008 and plans to list on the Nasdaq under the symbol PYPD. Barclays and BMO Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
