NeuroDerm seeks $50m in secondary flotation

The company has made good progress in clinical trials of its Parkinson's Disease product since its IPO.

NeuroDerm (Nasdaq: NDRM), which develops technology for administering drugs for Parkinson's Disease through the skin, has submitted a prospectus for raising $50 million on Nasdaq. The company held its IPO in November 2014, raising $45 million as a company value of $169 million, after money. The company's share price has since shot up 56%, and its current market cap is $264 million. The underwriters for the current offering are Jeffreys and Cowen & Co. NeuroDerm is managed by CEO Oded Lieberman. Capital Point Ltd. (TASE:CPTP) owns 9.5% of NeuroDerm's share capital.

The boom in NeuroDerm's share since the company's IPO reflects progress in the company's clinical trials. NeuroDerm has developed a system for subcutaneous delivery of drugs for treatment of Parkinson's Disease as a substitute for the current oral delivery of the drug, which causes sharp fluctuations in the level of the drug in the blood. When the level is high, the patients suffers from the drug's side effects, and when it is low, they do not benefit from its effects, and suffer from handicaps in movement typical of the disease.

The company's clinical plan includes a trial against the oral drug with the appropriate dosage of the drug for patients with severe cases of Parkinson's in the first half of 2015. At the same time, a trial is also underway to test only the levels of the product in the blood. Results are expected by the end of the year, after which a Phase III trial will be necessary. The company hopes its product will be approved in 2018. At a lower dosage for patients with cases of Parkinson's of medium severity, the company expects to begin a Phase III trial by the end of the year, and also expects approval of this product in 2018.

Published by Globes [online], Israel business news - - on July 5, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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