TiGenix, a Leuven, Belgium-based biopharmaceutical company focused on developing therapeutics from its platforms of allogeneic expanded stem cells, has nearly completed its second-round NASDAQ IPO, with sales falling short of expectations.
The company had hoped 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 announced today that brokers had sold 2.3 million of the 2.75 million ADS (one ADS represents the right to receive 20 ordinary shares) at $15.50 per ADS—resulting in a gross of $35.65 million.
TiGenex’s lead product is an adipose-derived stem cell technology platform Cx601 for the treatment of complex perianal fistulas in Crohn's disease patients. Their adipose-derived stem-cell candidate Cx611 has completed a Phase I sepsis challenge trial and a Phase I/II trial in rheumatoid arthritis. The company acquired Coretherapix last year, which included: AlloCSC-01, currently in a Phase II trial in acute myocardial infarction (AMI), and AlloCSC-02, a cardiac stem cell-based platform is being developed for chronic cardiovascular indication.
TiGenix also announced that it has granted the underwriters a 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 as joint book-running managers, Canaccord Genuity is acting as lead manager, and BTIG is acting as co-manager for the offering. The IPO, which was originally attempted in October, is expected to close officially on December 20.