PainReform, a Phase 2 Israeli biotech developing therapies for post-operative pain relief, announced terms for its IPO on Wednesday.
The Herzliya, Israel-based company plans to raise $23 million by offering 2.6 million shares at a price range of $8 to $10. At the midpoint of the proposed range, PainReform would command a fully diluted market value of $82 million.
The company's lead candidate and first product, PRF-110, is based on the local anesthetic ropivacaine, targeting the post-operative pain relief market. In a small 15 patient Phase 2 proof-of-concept trial for herniorrhaphy, PRF-110 provided substantial pain reduction for up to 72 hours post-op. The company plans to initiate two Phase 3 trials for PRF-110 soon after the closing of this offering.
PainReform was founded in 2007 and plans to list on the Nasdaq under the symbol PRFX. Maxim Group LLC and Joseph Gunnar are the joint bookrunners on the deal.
