Date: 2013-04-30
Type of information: IPO
Company: Erytech Pharma (France)
Investors:
Amount: € 17.7 million
Funding type: IPO
Planned used: The funds will be used to accelerate Erytech’s expansion in Europe and the USA. Erytech Pharma intends to establish its acute leukaemia product Graspa® through strategic partnerships with pharmaceutical companies and to develop new cancer indications.
Others: Erytech Pharma, a French biopharmaceutical company that designs innovative treatments for acute leukaemia and other oncology indications with unmet medical needs, has raised €17.7 million through its IPO in compartment C of the NYSE Euronext Paris. The company has elected to exercise the Extension Clause, thus taking the total amount raised in the IPO (excluding debt compensation) to €16.7 million, with a further €1 million subscribed through debt compensation. The price for the Global Placement and the Open Price Offering was set at the middle of the indicative range, at €11.60. All 1,524,334 new shares offered in the IPO have been subscribed. On the basis of 5,539,952 shares to be admitted for trading and a value of €11.60 per share, Erytech had a market capitalisation of approximately €64.3 million at the conclusion of the IPO. Settlement and delivery of the shares newly issued will take place on 6 May 2013. Trading in the shares will begin on May 7, 2013.
Erytech Pharma intends to establish its acute leukaemia product Graspa® (asparaginase encapsulated into red blood cells) through strategic partnerships with pharmaceutical companies and to develop new cancer indications. In June 2011, the company has already signed an exclusive long term agreement with Teva for the registration, marketing, distribution and sale of Graspa® in Israel. Last November, Erytech Pharma has also entered into an agreement granting Orphan Europe, a Recordati subsidiary, the exclusive rights for the commercialization and distribution of Graspa® for the treatment of Acute Lymphoblastic Leukemia (ALL) and Acute Myeloid Leukemia (AML) in Europe.
Now Graspa® is currently in pivotal Phase II/III clinical trial for ALL and will enter a Phase IIb trial in AML in Europe. In the US, Erytech Pharma has recently received clearance of its Investigational New Drug (IND) Application to initiate a Phase I clinical trial of Eryasp® (Graspa® in the EU), in patients 40 years or older with newly diagnosed Acute Lymphoblastic Leukemia (ALL). The company plans to start enrollment of ALL patients in the Phase I study in H2 2013. In collaboration with the American Red Cross in Philadelphia, Erytech has secured a fully operational manufacturing facility where Eryasp® will be manufactured for the clinical trials.
Therapeutic area: Cancer - Oncology
