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Liver Disease Biotech Galmed Files For A $35 Million IPO

Galmed Pharmaceuticals Ltd., a clinical-stage biotech developing therapies for liver diseases and gallstones, filed on Thursday with the SEC to raise up to $35 million in an initial public offering,  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.

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Haim Horowitz and  Allen Baharaff

Chaim Hurvitz and  Allen Baharaff  / Eyal Itzhar,  Globes

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.

The Tel Aviv, Israel-based company, which was founded in 2000, plans to list on the NASDAQ under the symbol GLMD.

Galmed Pharmaceuticals initially filed confidentially on December 31, 2013. Maxim Group LLC is the sole bookrunner on the deal. No pricing terms were disclosed.




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