PolyPid, a Phase 3 biotech developing extended-release drugs to prevent surgical site infections, announced terms for its IPO on Monday. This is PolyPid's third attempt to go public. It last filed in February 2018 but withdrew a month later, citing market conditions.
The Petah Tikva, Israel-based company plans to raise $50 million by offering 3.1 million shares at a price range of $15 to $17. Insiders intend to purchase $27 million worth of shares in the offering. At the midpoint of the proposed range, PolyPid would command a fully diluted market value of $309 million.
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.
PolyPid 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. It is expected to price during the week of June 22, 2020.
