Impel NeuroPharma, a late-stage developer of intranasal drug formulations for migraines and CNS diseases, raised $80 million by offering 5.3 million shares at $15, the midpoint of the range of $14 to $16. At pricing, the company commands a fully diluted market value of $315 million. The company indicated in its filing that existing shareholders intended to purchase a "substantial majority" of the shares offered.
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 plans to list on the Nasdaq under the symbol IMPL. Cowen and Guggenheim Securities acted as lead managers on the deal.
