Entera Bio, an Israel-based large-molecule therapeutics developer spun out of drug-delivery technology provider DNA Biomedical Solutions, has filed to raise up to $50m in an initial public offering in the US.
Entera is working on large-molecule drugs that will target orphan conditions and those with significant unmet medical need.
The company’s lead product candidate, EB612, is an oral formulation of a hormone called PTH that will treat hypoparathyroidism, a condition where insufficient PTH is produced by the body.
The IPO proceeds will support research and development costs for EB612 that will include a phase 2b/3 clinical trial expected to begin in Q3 2018, as well as R&D work for a second candidate, EB613.
Entera raised $7.5m in convertible note financing in a July 2016 round led by venture capital firm Pontifax, and another $12.4m in a series B private placement featuring DNA Biomedical and Centillion Fund last month.
DNA retains a 43.7% share of Entera, and its other notable shareholders are Centillion (21.1%), Pontifax (8.9%), Capital Point, a vehicle to which DNA has transferred part of its shareholding (7.7%), and individual investor Menachem Raphael (5.6%).
The company intends to float on the Nasdaq Capital Market. Oppenheimer & Co is sole representative of the underwriters.