PolyPid, which develops an antibiotic coating for bone repair, has filed with the SEC for an initial public offering on the NASDAQ in which it hopes to raise $24 million.
This could leave the company with a valuation of as much as $100 million. The number of shares to be offered and the price per share to be asked has not yet been made public.
Xenia incubator is the company’s main investor with a 16% pre-offering stake; the Friendly Angels club, headed by Adv. Jack Eitan Kyiet, who is also PolyPid’s COO, holds a 12.4% interest. While the company has so far raised $12.7 million, it lost $3.8 million in 2013 and $2.6 million in the first half of 2014.
Based in Petah Tikva, Israel, PolyPid describes itself as an emerging clinical stage specialty pharmaceutical company engaged in research and development of products based on PLEX (Polymer-Lipid Encapsulation MatriX), is proprietary drug delivery technology. The company boasts that PLEX is able to securely encapsulate many types of drugs, including proteins, to enable targeted, localized drug delivery into the body over periods of time ranging from days to several months.
The PLEXTM platform is a matrix made of thousands of alternating layers of polymers and lipids that entrap a therapeutic drug between them in order to form a protected reservoir that enables an effective localized drug delivery in the body. PLEX-based drug reservoirs enable prolonged delivery of unmodified drugs over periods ranging from days to several months. The application of our PLEX technology in our products enables us to optimize drug treatment regimens by predetermining release rates and durations, a rare combination of attributes.
PolyPid also has two lead candidates for use with bone transplants, BonyPid-1000 and BonyPid-500.
BonyPid-1000 is a bone graft substitute based product intended for filling bone voids or defects. It resorbs and is replaced with bone during the healing process.
BonyPid-500 is intended for use as a bone grafting material to fill, augment or reconstruct periodontal or oral/maxillofacial defect, such as filling of periodontal/infrabony defects, ridge augmentation, filling of extraction sites, sinus lifts and filling of cystic cavities.
It is currently planning to hold clinical trials in the U.S and Canada next year and hopes to be able to market its products in Europe in 2017.
PolyPid plans to be listed on the NASDAQ under the symbol PLPD. It first filed confidentially on July 8, 2014.