Impel NeuroPharma, a late stage biotech developing formulations of drugs for CNS diseases, announced terms for its IPO on Monday.
The Seattle, WA-based company plans to raise $80 million by offering 5.3 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Impel NeuroPharma would command a fully diluted market value of $316 million.
Impel's strategy is to pair its proprietary Precision Olfactory Delivery upper nasal delivery technology with therapeutics where rapid vascular absorption is preferred. Its pipeline contains TRUDHESA (INP104) for the acute treatment of migraine, INP105 for the acute treatment of agitation and aggression in patients with Autism Spectrum Disorder, and INP107 for the treatment of OFF episodes in Parkinson's Disease, all of which are upper nasal formulations of established drugs. In November 2020, Impel submitted an NDA for TRUDHESA. The FDA has filed and accepted the NDA for review and established a Prescription Drug User Fee Act goal date of September 6, 2021.
Impel NeuroPharma was founded in 2008 and plans to list on the Nasdaq under the symbol IMPL. Cowen and Guggenheim Securities are the joint bookrunners on the deal.
