US-based neurological disorder therapy developer Aptinyx has filed for an $80m initial public offering that will enable property developer Nan Fung Group to exit.
Founded in 2015, Aptinyx is working on synthetic small molecules in order to treat disorders affecting the brain and nervous system.
The IPO proceeds will fund phase 2 clinical trials for its lead product candidate, NYX-2925, in a nerve disorder known as diabetic peripheral neuropathy, and fibromyalgia, a condition that causes pain throughout the body.
Additional proceeds will fund phase 1 and 2 trials for a second candidate, NYX-783, in post-traumatic stress disorder and cognitive impairment caused by Parkinson’s disease.
Aptinyx was spun out of Naurex, a developer of therapies for central nervous system disorders, when it was bought by pharmaceutical company Allergan, with shares being transferred to Naurex investors including Adams Street Partners and LVP Life Science Ventures.
New Leaf Venture Partners led the company’s $65m series A round in 2016, investing alongside Adams Street, LVP, Frazier Healthcare Partners, Longitude Capital, Osage University Partners, PathoCapital, Goudy Park, Beecken Petty O’Keefe & Company and Northwestern University.
Nan Fung subsidiary Nan Fung Life Sciences participated in Aptinyx’s $70m series B round, which was led by Bain Capital Life Sciences, a branch of private equity firm Bain Capital, in December 2017.
The series A investors returned for the series B round, which also featured Adage Capital, Partner Fund Management, Agent Capital, HBM Healthcare Investments and Rock Springs Capital.
Nan Fung owns less than 5% of Aptinyx according to the filing. The company’s largest shareholders are Adams Street (14.9%), New Leaf, Frazier and Longitude Capital (11.6% each), Bain Capital Life Sciences (7%) and LVP Life Science Ventures (5.7%).
JP Morgan Securities, Cowen and Company, Leerink Partners and BMO Capital Markets are the underwriters for the offering, which is set to take place on the Nasdaq Global Market.