Aerovate Therapeutics, which is developing a dry powder drug formulation for pulmonary arterial hypertension, announced terms for its IPO on Thursday.
The Boston, MA-based company plans to raise $100 million by offering 7.2 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Aerovate Therapeutics would command a fully diluted market value of $325 million.
Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib (marketed as Gleevec tablets) for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and AV-101 was generally well-tolerated with no serious adverse events reported. It anticipates initiating a Phase 2b/3 trial of AV-101 in PAH patients in the 2H21.
Aerovate Therapeutics was founded in 2018 and plans to list on the Nasdaq under the symbol AVTE. Jefferies, Cowen, and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of June 28, 2021.
