SINGAPORE - Late-stage specialty pharmaceutical company iX Biopharma launched its initial public offering (IPO) on Friday, together with its proposed listing on the catalist board.
The firm is offering 65.5 million new shares at 46 cents each. Of those, 64.5 million shares are placement shares, and 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 S$27.6 million in net proceeds.
"iX Biopharma specialises in the development and commercialisation of innovative therapies for pain management and male erectile dysfunction," a company release said.
The business model includes research and development, manufacturing and supplying drugs.
The firm's manufacturing facility in Australia is approved by the Therapeutic Goods Administration of Australia , and supplies drugs to hospitals there.