Today, TiGenix filed for an initial public offering with the U.S. SEC. TiGenix tried to propose this IPO last October, only to have the plan fall apart.
The Belgian company hopes to net $42.9 million from this offering of $52.8 million worth of American Depositary Shares (ADS). It plans to offload 2.75 million ADS at $19.20 per ADS (one ADS equals 20 ordinary shares). The stock was last traded at 0.90€ ($0.96) per share on the Euronext Brussels market.
With this IPO, TiGenix plans to further develop products from its adipose-derived stem cell technology platform. Nearly half of the estimated net from this offering will go to developing Cx601 to treat complex perianal fistulas in Crohn’s disease. The company plans to complete the process of technology transfer to Lonza for Cx601, file an IND to conduct a Phase III trial of Cx601, and recruit patients for that trial. In addition, it hopes to develop Cx611 (an intravenous treatment for severe sepsis) into the Phase III trial recruitment stage, and advance AlloCSC-01 (intracoronary treatment for acute myocardial infarction) until the end of Phase I or II clinical development.
