Date: 2015-02-11
Type of information: IPO
Company: Bone Therapeutics (Belgium)
Investors:
Amount: €37 million
Funding type: IPO
Planned used: Bone Therapeutics is a leading biotechnology company specializing in the development of cell therapy products intended for bone fracture repair and fracture prevention. The current standard-of-care in this field involves major surgeries and long recovery periods. To overcome these problems, Bone Therapeutics is developing a range of innovative regenerative products containing osteoblastic/bone-forming cells, administrable via a minimally invasive percutaneous technique. PREOB®, Bone Therapeutics’ autologous bone cell product, is currently in pivotal Phase IIb/III clinical studies for two indications: osteonecrosis and non-union fractures, and in Phase II for severe osteoporosis. Since Bone Therapeutics was founded in 2006, the Company has already achieved clinical proof-of-concept and built a broad and clinically advanced pipeline (2 pivotal Phase III and 3 Phase II) to address specifically the bone fracture repair market (severe unhealed fractures) and the bone fracture prevention market (bone fragility conditions). The Company has two complementary, first-in-class product platforms, the autologous PREOB® and the allogeneic ALLOB®, targeting five indications and protected by nine families of patents: The Company’s strategy is to: - Accelerate pivotal Phase III trials and advance towards market authorization - Finalize promising Phase II trials - Launch clinical trials in the US - Leverage its bone cell differentiation platform and progress the preclinical pipeline - Scale-up of manufacturing capabilities
- Two pivotal Phase III clinical trials in non-union fractures and osteonecrosis
- Three Phase II clinical trials in delayed-union fractures, osteoporosis and spine fusion
The relevant fracture repair and fracture prevention markets (including the osteoporosis market) represent a global market of around $34 billion and 42 million patients. The Company’s products target about a third of these markets, representing approximately 12 million patients in Europe, the US and Japan, with limited competition. The Company has a certified GMP production facility in Brussels and plans to move to a new larger scale state-of-the-art GMP facility by mid-2016.
Others: * On February 11, 2015, Bone Therapeutics announced that the underwriters have exercised in full their over-allotment option in accordance with provisions contained in the prospectus. The issuance of the new shares is expected to take place on February 11, 2015. After exercise of the over-allotment option, 301,875 new shares have been issued at the IPO price of €16.00, corresponding to €4.8 million, increasing the total gross proceeds to €37.0 million. Bone Therapeutics’ shares have been traded on Euronext Brussels and Euronext Paris since February 6, 2015 under the ticker symbol BOTHE. * On February 5, 2015, Bone Therapeutics has raised €32.2m in its listing on the Euronext Brussels and Paris markets.The IPO was oversubscribed by 2.5x. The flotation gave Bone Therapeutics a market cap of €104.8m. * On January 16, 2015, Bone Therapeutics announced its intention to raise new funds through an Initial Public Offering on Euronext Brussels and Euronext Paris. Subject to the approval of the prospectus by the FSMA and market conditions, it is expected that the price range, as well as other details of the offering will be published in the Belgian and French financial press,when the offering period is expected to commence. Bryan, Garnier & Co will act as Global Coordinator, and Kepler Cheuvreux and Bank Degroof will act as joint lead managers and Joint Bookrunners.
Therapeutic area: Bone diseases - Regenerative medicine
