Credit: Shutterstock photoTobira Therapeutics, a biotech developing an immunotherapy treatment for liver disease ( NASH ) and HIV, revived plans for its upcoming IPO in an amendment filed on Tuesday with blank terms and fewer underwriters. The company originally planned to raise $60 million in late July and command a fully diluted market value of $150 million but postponed its IPO citing market conditions.
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Tobira is enrolling patients in Phase 2b trials for its once-daily pill for nonalcoholic steatohepatitis, or NASH. It expects that the growing rate of obesity in the US will only further contribute to instances of NASH. Tobira's immunotherapy agent should also enter Phase 3 trials for HIV type 1 after it finds a collaboration partner. Preclinical indications targeting fibrosis and inflammation are in the pipeline.
Shareholders
Primary shareholders include Domain Associates, Frazier Healthcare, Novo A/S, Montreux Equity Partners and Canaan Partners.
2014 NASH IPO filers
The company notes that there are no approved pharmaceutical agents for NASH, though March IPO Galmed ( GLMD ) is targeting the disease. Galmed trades 52% below its offer price, the year's ninth-worst IPO. Another NASH biotech, Lumena ( LIVR ), had filed for an IPO but was acquired by Shire for $260 million in May.
The San Francisco, CA-based company was founded in 2006 and plans to list on the NASDAQ under the symbol TBRA. Oppenheimer is now set to be the sole bookrunner on the deal. No terms were disclosed.
The article NASH/HIV biotech Tobira Therapeutics revives IPO plans; updates financials and underwriters originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
