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Drug developer NeuroDerm to begin Nasdaq IPO

 The Israeli Parkinson’s disease treatment developer is seeking $58-72 million at a company value of $290 million.

Nasdaq israel

 

Rehovot-based NeuroDerm, which has developed a transdermal drug delivery system for the treatment of Parkinson’s disease, is expected to price its Nasdaq IPO this evening. The company is seeking to raise $58-72 million at a company value of $290 million.

Jefferies and Cowen & Company are the joint bookrunners on the deal with Oppenheimer and Roth Capital acting as secondary underwriters. The company will trade under the NDRM ticker.

NeuroDerm’s main shareholders include Omrix Biopharmaceuticals founder Robert Taub (28%) who serves as Chairman, Uwe Wascher (25.9%) a former GE senior executive and close friend of Taub and private investor Prof. Shmuel Cabilly (22.2%), while Capital Point Ltd. (TASE:CPTP) holds 16.6%.

NeuroDerm’s product for treating Parkinson’s disease is set for a Phase III trial in 2015. A product to treat more severe forms of Parkinson’s is currently in a Phase IIa trial and if successfully completed will proceed to a Phase IIb trial in 2015.

A company with a rival product, Civitas, was recently sold for $525 million.

Published by Globes [online], Israel business news – www.globes-online.com

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