BioLingus, a Switzerland-based Phase 1 biotech developing sublingual peptides for diabetes, filed on Friday with the SEC to raise up to $47 million in an initial public offering.
The Hergiswil, Switzerland-based company plans to raise $47 million by offering 3 million shares at a price range of $15 to $16. At the midpoint of the proposed range, BioLingus would command a market value of $202 million.
BioLingus is focused on the development of sublingual delivery of peptides and proteins. The company believes that there are two areas with significant commercial potential: Metabolic diseases, particularly diabetes and obesity and related metabolic disorders such as NASH, and immunology, mainly allergy and autoimmune disorders. The company's lead candidate, Liraglutide Sublingual, began a Phase 1b/2a dose-finding study in late April 2023 in Hong Kong, for patients with type 2 diabetes. As of May 29, 2023, 1 of 15 patients had been enrolled.
BioLingus was founded in 2012 and plans to list on the Nasdaq under the symbol SUBL. Univest Securities is the sole bookrunner on the deal.
