OptiNose sets terms for $100m IPO

OptiNose set terms for its IPO this week, according to a regulatory filing submitted to the SEC.

The company plans to offer 6.3 million shares at $15 – $17 apiece and funds affiliated with Avista Capital Partners intend to buy $25 million worth of shares as part of the offering, according to OptiNose. The company is slated to grant underwriters a 30-day option to buy up to an additional 937,500 shares of common stock at the IPO price.

OptiNose plans to list on the Nasdaq market under the symbol ‘OPTN.” The offering is expected to price next week.

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 a few weeks 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.