TiGenix, the Leuven, Belgium-based biopharmaceutical company focused on developing therapeutics from the platforms of allogeneic expanded stem cells, has almost completed its second-round NASDAQ IPO, with sales dropping short of expectations.
The company had hoped in order to net $42. 9 million from this potential sale of $52. 8 million worth of American Depositary Shares (ADS) at 19. 20 per ADS. However , the company introduced today that brokers had sold 2 . 3 mil of the 2 . 75 million ADS (one ADS symbolizes the right to receive 20 ordinary shares) at $15. fifty per ADS— resulting in a gross of $35. 65 mil.
TiGenex’ s lead product is an adipose-derived stem cell technology platform Cx601 for the treatment of complicated perianal fistulas in Crohn’s disease patients. Their adipose-derived stem-cell candidate Cx611 has completed a Phase I actually sepsis challenge trial and a Phase I/II trial within rheumatoid arthritis. The company acquired Coretherapix last year, which included: AlloCSC-01, presently in a Phase II trial in acute myocardial infarction (AMI), and AlloCSC-02, a cardiac stem cell-based system is being developed for chronic cardiovascular indication.
TiGenix also announced that it has granted the underwriters the 30-day option to purchase up to an additional 345, 000 ADSs, to cover overallotments, if any. Bank of America Merrill Lynch and Cowen and Company are acting because joint book-running managers, Canaccord Genuity is acting because lead manager, and BTIG is acting as co-manager for the offering. The IPO, which was originally attempted within October, is expected to close officially on December twenty.