OptiNose has registered a $100 million initial public offering with the SEC to list its common stock on the Nasdaq market, according to a regulatory filing.
The Yardley, Penn.-based company posted a net loss of -$16.3 million in the six months ended June 30, 2017 – down from a $34.3 million net profit during the same period last year.
The move to go public comes just days after the company won FDA approval for its Xhance drug-device combination product for the treatment of nasal polyps in patients 18 years and older.
The fluticasone propionate nasal spray is designed to deliver medication using OptiNose’s exhalation delivery system. The patient actuates the pump spray into one nostril while simultaneously blowing into the mouthpiece of the device.
The Xhance product was tested in five clinical trials, including two Phase III pivotal trials in adults with nasal polyps and two Phase III trials in adults with chronic sinusitis.
Following treatment with the drug-device product, patients had statistically significant reductions of nasal congestion and obstruction after four weeks and total polyp grade after 16 weeks.
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