US-based immunotherapy developer Aridis Pharmaceuticals has filed for a $34.5m initial public offering on the Nasdaq Capital Market that will give pharmaceutical company Shenzhen Hepalink the chance to exit.
Aridis is developing monoclonal antibodies intended to leverage the body’s immune system to fight life-threatening infections.
The IPO proceeds will support a phase 3 clinical trial for the company’s lead product candidate, AR-301, in staphylococcus aureus infections, which can cause pneumonia.
Additional proceeds will fund a phase 2 trial for a second candidate, AR-105, in pneumonia associated with pseudomonas aeruginosa infection, and for a third, and the preparation for a phase 2/3 trial for a third candidate, AR-101.
Aridis raised $28.8m in equity funding and $6.5m in debt financing between 2014 and the end of 2016 according to regulatory filings.
Hepalink partnered Aridis to form a joint venture called Shenzhen Arimab Biopharmaceuticals in February this year, but the details of any equity investment in Aridis itself have not been disclosed.
Hepalink is the company’s largest shareholder, with a 17.8% stake, followed by holding vehicles Healthcare Industry (Cayman) A (11%), Pineworld Capital (8.2%) and Efung Ruibo (5.5%). The IPO’s underwriters are Cantor Fitzgerald, Maxim Group and Northland Securities.