DNA Biomedical Solutions Ltd. (TASE: DNA) subsidiary Entera Bio has set the terms for a Nasdaq IPO to raise $50 million - $60 million at a company valuation of $164 million after money. The Israeli biotech company will offer 5 million shares at $10-$12 per share and will trade under the ENTX ticker.
The Jerusalem based company specializes in the oral delivery of large molecules and biologics and develops drugs based on PTH 1-34 for three separate therapeutic applications: hypoparathyroidism, osteoporosis, and bone healing.
In October, Entera Bio raised $12.5 million as a bridge private placement financing round at a company value of $100 million.
DNA has a 29% stake in Entera Bio, Centillion Fund (21%), Pontifax Fund (8.9%), Capital Point Ltd. (TASE:CPTP) (7.7%), and Menachem Rafael (6%). Kite Pharma (sold recently for $12 billion) founder and CEO Prof. Arie Belldegrun is also an investor but not a party at interest.
Phase II/III trials for the hypoparathyroidism treatment are due to begin this quarter. The drug has received FDA orphan status for the treatment of rare diseases meaning it has a shorter track to market.
The company has yet to record revenue, lost $7.5 million in the first nine months of 2017 and has $3 million in cash.
Published by Globes [online], Israel business news - www.globes-online.com - on January 7, 2018
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