BioVie, a Phase 2 biotech developing therapies for cirrhosis, submitted an amendment on Wednesday with the SEC. The blank filing indicates that the company plans to raise up to $18 million in an initial public offering. The company is currently listed on the OTCQB (BIVI) and last closed at $9.
In its latest filing, BioVie also removed the attached warrants, removed ThinkEquity as an underwriter and added Kingswood Capital Markets, and disclosed updated financials. The company originally filed to raise $15 million in April 2019 and postponed the following August. It refiled in October to raise $15 million by offering units with warrants attached.
BioVie's lead candidate, BIV201, is based on a drug (terlipressin) that is approved in about 40 countries to treat related complications of liver cirrhosis but is not yet available in the US. The company announced top-line results for its Phase 2a trial in April 2019, and it plans to begin a randomized 24-patient Phase 2 study in 2020 followed by a larger pivotal Phase 3 clinical trial targeted to begin in 2021.
The Los Angeles, CA-based company was founded in 2013 and plans to list on the Nasdaq under the symbol BIVI. Kingswood Capital Markets is the sole bookrunner on the deal. No pricing terms were disclosed.
