US-based heart failure treatment developer SCPharmaceuticals has filed for a $100m initial public offering that will allow pharmaceutical firms Sun Pharmaceutical Industries and Lundbeck to exit.
SCPharmaceuticals is working on therapies that can be taken subcutaneously rather than intravenously, meaning drugs can be administered in more affordable settings than hospitals.
The company’s lead product candidate, Furoscix, is being developed to treat heart failure outside of inpatient environments, and part of the IPO proceeds will support its commercialisation once it has secured regulatory approval.
Additional capital will go to expanding SCPharmaceuticals’ manufacturing capacity for its subcutaneous delivery device, the SC2Wear Infusor, and will fund research and development activities.
Lundbeck’s corporate venturing arm, Lundbeckfond Ventures, co-led the company’s $17.6m series A round with venture capital firm 5AM Ventures in 2014, each providing $8m.
Lundbeckfond Ventures and 5AM returned for an $8m convertible note round in January 2016, each supplying $3.1m, before they each invested $2m in a second convertible debt round in August the same year that raised $4.7m.
The filing states that SCPharmaceuticals raised $47m in a December round also backed by Lundbeckfond Ventures and 5AM, in which Sun Pharmaceutical invested $13m and life sciences investment firm OrbiMed $18.5m.
5AM Ventures is the company’s largest shareholder, with a 23.2% stake, while OrbiMed holds 23%, Lundbeckfond Invest 22.6%, Sun Pharmaceutical 16%, and SCPharmaceuticals founder and CEO Pieter Muntendam 8.2%.
The offering is expected to take place on the Nasdaq Global Market, and the underwriters are Jefferies, Leerink Partners and BMO Capital Markets.