Biophytis, a French Phase 2 biotech developing therapies for COVID-related complications and age-related diseases, announced terms for its IPO on Tuesday. The company is currently listed on the Euronext Growth Paris (ALBPS). It previously filed to raise $15 million in the US in May 2019, but withdrew the following July.
The Paris, France-based company plans to raise $20 million by offering 1.2 million ADSs at a price range of $15 to $18. At the midpoint of the proposed range, Biophytis would command a fully diluted market value of $195 million.
Biophytis' lead candidate, Sarconeos (BIO101), is an orally administered small molecule in development for the treatment of neuromuscular diseases, with an initial target indication of sarcopenia. Sarconeos is currently in a Phase 2 trial with top-line results expected in the 2Q21. Sarconeos is also in development to treat patients who suffer from severe respiratory manifestations of COVID-19 and is currently in an ongoing Phase 2/3 study in patients with SARS-CoV-2 pneumonia. The first interim analysis is expected to occur in the 1Q21 and submission for emergency use authorization with the FDA and conditional marketing authorization with the EMA is expected in the 2Q21.
Biophytis was founded in 2006 and plans to list on the Nasdaq under the symbol BPTS. H.C. Wainwright is the sole bookrunner on the deal.
