Iterum Therapeutics plc (NASDAQ:ITRM) raised $80 million late Thursday through the sale of 6.2 million shares at $13 in an IPO underwritten by Leerink, RBC Capital Markets, Guggenheim and Needham. The price values Iterum at $181.5 million.
Iterum priced the offering below its proposed range, but sold more shares than anticipated. Last week, the company proposed to sell 5.3 million shares at $14-$16. A sale of that many shares at $15 would have raised $80 million and valued the company at $197.1 million.
Next half, the Iterum expects to begin a trio of Phase III trials evaluating lead program sulopenem to treat uncomplicated urinary tract infections (UTIs), complicated UTIs and complicated intra-abdominal infections (cIAIs). Top-line data from all three are due in 2H19, and the company expects to submit NDAs to FDA by YE19.
Iterum has rights to the penem antibiotic from Pfizer Inc. (NYSE:PFE).
Prior to the IPO, Sofinnova Ventures and Canaan Partners each held 16% of Iterum. Other investors holding more than 5% include Advent Life Sciences, Arix Bioscience plc (LSE:ARIX), Frazier Healthcare Partners, New Leaf Venture Partners and Pivotal bioVentures Partners.
Ireland-based Iterum is one of several European companies to attract private capital from Chinese investors. Pivotal is funded solely by Hong Kong-based Nan Fung Group (see BioCentury, May 18).