TiGenix (EBR:TIG) said today that it raised $36 million in an initial public offering from the sale of 2.3 million American depository shares, representing 46 million ordinary shares, at $15.50 apiece. The biopharmaceutical company plans to list on the NASDAQ exchange under the “TIG” symbol by Dec. 15. It is listed on the Euronext Brussels under the same symbol.
The IPO includes a 6.9 million share, 30-day over-allotment option for its underwriters. BofA Merrill Lynch and Cowen & Company acted as lead managers on the deal, according to TiGenix. The company anticipates that the offer will close on December 20, 2016.
The Belgium-based company is developing an injectable, adipose-derived stem cell treatment for complex perianal fistulas in Crohn’s disease patients. A 2nd adipose-derived stem cell candidate has undergone a phase I sepsis trial and a phase I/II trial for rheumatoid arthritis.
In July last year, TiGenix acquired Coretherapix and its lead cellular candidate is in a phase II clinical trial for acute myocardial infaction. A different cardiac stem cell candidate from Coretherapix is being developed in a chronic indication.
TiGenix inked a licensing agreement with pharmaceutical giant Takeda (TYO:4502) in July this year, granting Takeda exclusive rights to commercialize TiGenix’s injectable, adipose-derived stem cell treatment for complex perianal fistulas outside of the U.S.
