Biomedical company Mapi Pharma is making its third attempt at an IPO on Nasdaq. The company, which develops delayed release drugs, including a delayed release version of Copaxone, Teva Pharmaceutical Industries Ltd.'s (NYSE: TEVA; TASE: TEVA) drug for treatment of multiple sclerosis, yesterday submitted a prospectus for a $57.5 million offering on Nasdaq. The company value for the IPO has not yet been determined, but the values sought by the company in the past were in the $120-230 million range.
JMP Securities is the lead underwriter for the offering, while Maxim and MLV are the secondary underwriters. Mapi was founded by chairman and CEO Ehud Marom. The company attempted an IPO on Nasdaq in late 2014, initially trying to raise $40 million at a company value of $200-230 million. When it was unable to obtain this amount, it tried again, this time for a $20 million IPO at a company value of $120 million, but still could not complete the offering, and postponed its efforts to a later date.
The company recently announced a $10 million financing round, led by the Shavit Capital fund. Its delayed release Copaxone, the company's leading product, can be injected once a month, instead of the daily or three times a week (depending on the dosage) administering required by Teva's original version. Mapi's version is in a Phase II clinical trial. The company is also developing versions of Pfizer's Lyrica drug and Johnson & Johnson's Risperdal Consta. Both are in the pre-clinical state.
Published by Globes [online], Israel business news - www.globes-online.com - on September 2, 2015
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