Impel NeuroPharma, a US-based central nervous system drug developer backed by manufacturing group 3M, has filed to raise $75m in an initial public offering on the Nasdaq Global Market.
Founded in 2008, Impel is developing therapies for patients with central nervous system disorders. It has also developed a medical device that delivers medicine to the upper nasal cavity.
The IPO proceeds will be used to commercialise and secure regulatory approval for the company’s lead drug candidate Trudhesa, a prospective treatment for migraine. It will also finance a clinical proof-of-concept trial for INP105, a candidate for agitation and aggression in patients with autism spectrum disorder.
Impel has raised at least $124m of funding to date. KKR and Norwest Venture Partners co-led its $67.5m series D round in 2018, with backing from Vivo Capital, 5AM Ventures and venBio Partners.
Tjhe company raised $36m in a series C round backed by VenBio, 5AM Ventures and Vivo Capital in 2016, after 3M’s corporate venturing subsidiary, 3M Ventures, took part in a $12m series B round the year before. It had previously raised approximately $9.2m of equity funding, according to securities filings.
KKR is the largest shareholder in Impel, followed by 5AM Ventures, VenBio Partners, Vivo Capital and Norwest Venture Partners. Cowen and Guggenheim are serving as joint-bookrunners for the offering, while Wedbush Securities is also an underwriter.