Galmed Pharmaceuticals Ltd., which is developing a treatment for fatty liver disease, has filed a prospectus for an IPO on Nasdaq. The company hopes to raise $35 million at a company value of $100 million, before money.
Galmed is due to begin a Phase IIb clinical trial of Aramchol for the treatment of non-alcoholic steatohepatitis (NASH), or fatty liver disease, for patients with both fatty livers and insulin resistance.
Galmed is owned by CEO Allen Baharaff, with a 53% stake; Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) director Chaim Hurvitz (10%); David and Dvora Goldfarb (6.7%), and Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) (4.4%). The company has raised less than $10 million to date.
The company plans to begin the Phase IIb clinical trial on 240 patients in the second half of 2014, with the interim results due in 2015, and the final results due by the end 2016. The company has no profits, and lost $17.4 million in 2013. It has $137,000 in cash.
Published by Globes [online], Israel business news - www.globes-online.com - on February 9, 2014
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