NeuroDerm files for $65m Nadsaq IPO

Nasdaq

The Rehovot-based company develops treatments for Parkinson's disease.

Rehovot-based central nervous system drug developer NeuroDerm has filed a prospectus with the US Security and Exchange Commission (SEC) to raise up to $65 million in an IPO on Nasdaq at a company value of $200 million, after money. The company filed confidentially in April.

Founded in 2003, Neuroderm has two products in clinical trials for the treatment of Parkinson's disease. The leading product is a transdermal version Levodopa, which is currently administered orally. The version achieves better results in maintaining uniform levels of the drug in the bloodstream, enabling more effective treatment of the disease with fewer side effects. The product is undergoing a Phase IIb clinical trial.

NeuroDerm's main shareholders include Capital Point Ltd. (TASE:CPTP) (13.6%), Chairman and Omrix Biopharmaceuticals founder Robert Taub, and board members Uwe Wascher, and Shmuel Cabilly.

Jefferies and Cowen & Company are the joint bookrunners on the deal. The company will trade under the NDRM ticker but no pricing terms were disclosed.

Published by Globes [online], Israel business news - www.globes-online.com - on September 16, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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