Kringle Pharma, a Japan-based biotherapeutics drug developer backed by a range of corporate investors, has floated on Tokyo Stock Exchange’s Mothers Market.
The initial public offering (IPO) was approved on November 24 and Kringle Pharma issued 7 million shares, with 87,000 set aside for the overallotment option.
Founded as an Osaka University spinout in 2001, Kringle Pharma is working on cell therapies for hitherto incurable diseases including acute spinal cord injury and amyotrophic lateral sclerosis, more commonly known as ALS.
The company completed a $15.5m round in April 2020 that included real estate developer Chishima Real Estate and clinical testing service Miraca, the latter investing through its MSF Capital Partners subsidiary.
Financial services firms Nanto Bank, Ogaki Kyoritsu Bank and Resona Bank also took part, the last two through respective vehicles OKB Capital and Resona Capital, as did Venture Labo Investment, Osaka University Venture Capital, HT Capital, Yitu Capital and unnamed individuals.
The $8.8m first close of the round took place the month before and featured healthcare data aggregator M3, veterinary medicine manufacturer Nippon Zenyaku Kogyo (Zenoaq), hospital services provider POC Clinical Research and medical equipment vendor Toho Holdings.
The tranche was filled out by CEJ Capital, DBJ Capital, Keio Innovation Initiative (KII), Tohoku University Venture Partners (THVP) and an undisclosed backer.
THVP had backed a $1.8m round for Kringle in 2018 following a $5.3m round co-led by KII and DBJ Capital two years before that included stem cell research group Reprocell, Zenoaq, Cyberdyne, KSP and an unnamed fund owned by banking firms Toho Bank and San-In Godo Bank through their Toho Lease and Gogin Capital units.
Insurance provider Nippon Life vehicle Nissay Capital led an $8.6m round for the company in 2009 that came after $1.4m in funding supplied by undisclosed investors the year before.
Nissay Capital had already led a $9.7m round in 2007, with participation from Zenoaq, Nippon Venture Capital and Ant Capital Partners (then Nikko Antfactory), in addition to a $12.5m round in 2005.
