A firm that specialises in developing products for male erectile dysfunction and pain management launched its initial public offering (IPO) yesterday.
The late-stage speciality pharmaceutical company, known as iX Biopharma, aims to list on the Catalist board. It is offering 65.5 million new shares at 46 cents each.
Of those, 64.5 million shares are placement shares, while the remaining one million shares are available for public subscription.
The new shares are about 11.1 per cent of iX Biopharma's enlarged issued share capital after the IPO. This will raise about $27.6 million in net proceeds.
The firm said: "iX Biopharma specialises in the development and commercialisation of innovative therapies for pain management and male erectile dysfunction."
The business model includes research and development, manufacturing and supplying drugs.
Dr Paul Rolan, iX Biopharma's drug development director, said that the large and growing pain market and a "positive correlation between age and erectile dysfunction" offer opportunities for three new products in the late stages of clinical development.
He added: "We have made significant progress in the development of these products, and this IPO brings us a step closer to realising our goal of commercialising them."
The firm's manufacturing facility in Australia has been approved by that country's Therapeutic Goods Administration.
iX Biopharma plans to use most of the net proceeds to fund clinical trials needed for the development of its products.
It said: "Upon successful outcomes of the trials, the company intends to make the relevant submissions to the Food and Drug Administration for marketing approval and commercialisation of the products in the United States.
"Where commercially viable, it also plans to register its products for commercialisation in other parts of the world."
The Singapore branch of CIMB Bank is the issue manager and sponsor, while CIMB Securities (Singapore) is the underwriter and placement agent of the IPO. iX Biopharma's share offering will close at noon on July 20. Trading is expected to start at 9am on July 22.