Trevi Therapeutics, the US-based pruritus treatment developer backed by pharmaceutical firm Lundbeck, has filed to raise up to $86.2m in an initial public offering.
Founded in 2011, Trevi is developing an oral therapy called Nalbuphine ER, which is designed to treat a severe form of itching called pruritus in addition to chronic coughing caused by neurologically mediated conditions.
Part of the IPO proceeds will be used to fund an ongoing phase 1b clinical trial for Nalbuphine ER in patients with pruritus caused by chronic liver disease, as well as a phase 2/3b trial for pruritus associated with prurigo nodularis, a disease that causes hard, itchy lumps to form on the skin.
Additional proceeds will fund planned phase 2 clinical trials to treat levodopa-induced dyskinesia, involuntary movements that can afflict Parkinson’s disease patients, and for chronic coughs triggered by idiopathic pulmonary fibrosis, a condition that causes progressive scarring of the lungs.
New Enterprise Associates (NEA) led a $50.5m series C round for Trevi in 2017, investing alongside Lundbeckfonden Ventures, the corporate venture capital arm of Lundbeck, as well as Omega Funds, Aperture Venture Partners and TPG Biotech, a subsidiary of private equity group TPG.
The company secured a $15m debt facility from Solar Capital and Square 1 Bank in January 2015, after TPG had provided a total of $26m in series B funding in 2014, having initially backed Trevi’s $10m series A round in 2012.
TPG holds a 55.2% majority stake in the company while Lundbeckfonden owns 8.3%, NEA 20.6% and Omega Funds 6.2%. The offering is set to take place on the Nasdaq Global Market, and SVB Leerink, Stifel, BMO Capital Markets and Needham & Company have been appointed underwriters.