Minerva Neurosciences, a US-based developer of treatments for central nervous system (CNS) diseases, has filed for an initial public offering that could raise up to $69m.
Minerva was formed in 2013 from the merger of Cyrenaic Pharmaceuticals and Sonkei Pharmaceuticals, and although details of Cyrenaic and Sonkei’s past funding are not publicly available, ProteoSys, a Germany-based commercial medical research institution, holds a 5.7% stake in Minerva, and is set to acquire additional shares in a concurrent private placement, though details have not yet been publicised.
Johnson & Johnson Development Corporation, the corporate venturing arm of healthcare conglomerate Johnson & Johnson, is also set to invest $26m in the company through a private placement. Minerva plans to use the proceeds from the IPO and placements to fund the advancement of four of its candidates to phase one clinical development.
Minerva’s two largest current shareholders are venture capital firms Care Capital and Index Ventures, which hold 41.2% and 42.2% of Minerva’s stock respectively.
Jefferies, Robert W. Baird & Co. and JMP Securities are acting as underwriters for the offering.