Paris and Cambridge, Massachusetts-based biotech closes $20.1 million in gross proceeds.
Clinical-stage biotech Biophytis today announced the closing of its IPO on the Nasdaq Capital Market by way of a capital increase of 12,000,000 new ordinary shares.
Longevity.Technology: Biophytis is focused on the development of therapeutics that slow the degenerative processes associated with aging and improve functional outcomes for patients suffering from age-related diseases, including severe respiratory failure in patients suffering from COVID-19 and sarcopenia.
The new shares are represented by 1,200,000 American Depositary Shares (ADSs), with each ADS representing 10 ordinary shares, at an offering price of $16.75 per ADS.
The gross proceeds to Biophytis from this offering are approximately $20.1 million (£14.46 million) and the aggregate net proceeds to Biophytis, after deducting underwriting discounts and commissions, management fee and other offering expenses payable, will be approximately $16.35 million (£11.76 million). All of the securities sold in the offering were offered by Biophytis.
Severe respiratory failure can cause long-term lung damage, impacting both lifespan and healthspan … Biophytis’ capital raise is good news for longevity research.
H C Wainwright & Co acted as sole book-running manager for this offering, and Biophytis has granted H C Wainwright & Co a 30-day option to purchase up to an additional 180,000 ADSs at the initial public offering price per ADS. Biophytis’ ADSs began trading on the Nasdaq Capital Market on 10th February 2021 under the ticker symbol “BPTS”.
Just a couple of weeks ago, we covered Florida-based Longeveron’s filing for a $30 million IPO, a biotech with a Phase 1 trial into Acute Respiratory Distress Syndrome (ARDS) currently underway.
We also covered Cohbar, and its assessment of CB5064 Analogues for COVID-19 and respiratory distress treatment. The last twelve months has, for obvious reasons, seen increased research into respiratory diseases. As well as tackling COVID-19, science is hoping to find therapies to deal with the lasting damage it causes, as well as ameliorating the effects of Long Covid. Severe respiratory failure can cause long-term lung damage, impacting both lifespan and healthspan; sarcopenia’s devastating and progressive loss of skeletal muscle mass and strength is strictly correlated with physical disability, poor quality of life and death, and the key risk factor is age. Biophytis’ capital raise is good news for longevity research.