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IPO Profiles: Five debuts in May, with three in biotech

Five venture-backed IPOs were done in May, the same number as in April.

But combined proceeds fell to $460 million in May from $810 million the month before, a 43 percent drop in value month-over-month.

The May debuts were led by Biohaven Pharmaceutical, which raised $168 million in its IPO. The New Haven, Connecticut, company was backed by Aisling Capital, Venrock and others.

Biohaven was one of three VC-backed biotech companies to launch an IPO in May, following a surge in tech IPOs, including tech unicorns, in the last several months.

IPO Profile: Biohaven Pharmaceutical Holding Co Ltd

Company Details

New Haven, Conn.

http://biohavenpharma.com/

Description: Biohaven Pharmaceutical Holding Company Ltd is a United States-based biopharmaceutical company. The company is engaged in the identification and development of clinical-stage compounds targeting orphan neurologic indications and other neurological pathways. It has a portfolio of multiple late-stage drug candidates. Its pipeline includes BHV-0223, which is a formulation of a glutamate-modulating agent; BHV-4157, which is a new chemical entity (NCE) that modulates glutamate, and BHV-5000, which is an in-licensed investigational agent of the company targeting N-Methyl-D-Aspartate (NMDA) receptor antagonism. Its clinical compound, trigriluzole, is indicated for neurodegenerative diseases and cancer indications, among others. Its pipeline also includes BHV-3000 and BHV-3500, which are in-licensed by the company for a neurologic indication. It focuses on advancing other mechanistic approaches in orphan and neuroscience indications, and is exploring licenses for additional compounds.

IPO Details

Exchange and Ticker: NYSE: BHVN

Filing Range: 9.9 million shares @ $14 to $16

Date of IPO: 5/5/17

Offering Price: $17

Closing Price on 5/5/17: $17.91

Offering Size: $168.3 million

Shares Outstanding: 35.72 million

Closing Price on 5/31/17: $25.21

Market Capitalization on 5/31/17: $900.39 million

Underwriters: Morgan Stanley & Co, Piper Jaffray Cos, Barclays

Co-manager: William Blair & Co, Needham & Co LLC

Company Counsel: Maples and Calder Asia

Manager Counsel: Ropes & Gray

Auditor: PricewaterhouseCoopers

Investment Details

Backers

  • Vivo Capital LLC
  • Knoll Capital Management LP
  • Osage University Partners
  • Aperture Venture Partners LLC
  • Venrock
  • Rock Springs Capital Management LP
  • RA Capital Management LLC
  • Aisling Capital LLC
  • Connecticut Innovations Inc

Total funding raised: $88.4 million

IPO Profile: Ovid Therapeutics Inc

Company Details

New York, N.Y.

646-661-7661

www.ovidrx.com

Description: Ovid Therapeutics Inc is a biopharmaceutical company. The company is engaged in developing medicines for patients and families living with rare neurological disorders. Its lead drug candidate is OV101. The company’s second lead drug candidate is OV935. OV101 (gaboxadol) is a delta-selective GABAA receptor agonist. Ovid is developing OV101 for use in both Angelman syndrome and Fragile X syndrome to potentially restore tonic inhibition and relieve several of the symptoms of these disorders. Ovid has initiated the Phase II STARS trial of OV101 in adults with Angelman syndrome and a Phase I trial in adolescents with Angelman syndrome or Fragile X syndrome. Ovid is also developing OV935 in collaboration with Takeda Pharmaceutical Company Limited for the treatment of rare epileptic encephalopathies.

IPO Details

Exchange and Ticker: Nasdaq: OVID

Filing Range: 5 million shares @ $15 to $17

Date of IPO: 5/5/17

Offering Price: $15

Closing Price on 5/5/17: $12.25

Offering Size: $75 million

Shares Outstanding: 47.14 million

Closing Price on 5/31/17: $12.75

Market Capitalization on 5/31/17: $601.09 million

Underwriters: Citigroup Global Markets Inc, Cowen, William Blair & Co, JMP Securities LLC

Company Counsel: Cooley LLP

Manager Counsel: Goodwin Procter LLP

Auditor: KPMG

Investment Details

Backers

Sanofi-Genzyme BioVentures

Tekla Capital Management LLC

Total funding raised: $100 million

IPO Profile: G1 Therapeutics Inc

Company Details

Durham, N.C.

919-213-9835

www.g1therapeutics.com

Description: G1 Therapeutics, Inc. is a United States-based clinical-stage biopharmaceutical company. The company is engaged in developing small-molecule therapies for the treatment of cancer. Its two clinical-stage candidates are trilaciclib (G1T28) and G1T38, which are potent, selective inhibitors of the validated kinase targets CDK4/6. Trilaciclib and G1T38 are designed to be combined and enhance the anti-tumor activity of current therapies. It is also developing G1T48, an oral selective estrogen receptor degrader (SERD) for the treatment of breast cancer. The company is evaluating trilaciclib in three Phase II clinical trials. G1T38 is being evaluated in combination with Faslodex in a Phase I b/II a trial for patients with estrogen receptor-positive, HER2-negative breast cancer.

IPO Details

Exchange and Ticker: Nasdaq: GTHX

Filing Range: 7 million shares @ $15 to $17

Date of IPO: 5/17/17

Offering Price: $15

Closing Price as of 5/17/17: $15

Offering Size: $105 million

Shares Outstanding: 27.41 million

Closing Price on 5/31/17: $18.30

Market Capitalization on 5/31/17: $501.67 million

Underwriters: JP Morgan Securities LLC, Cowen

Co-manager: Needham & Co LLC, Wedbush Securities

Company Counsel: Mintz Levin Cohn Ferris Glovsky & Popeo

Manager Counsel: Goodwin Procter

Auditor: PricewaterhouseCoopers

Investment Details

Backers

  • Eshelman Ventures LLC
  • Hatteras Venture Partners
  • RA Capital Management LLC
  • Medimmune LLC
  • Lumira Capital Corp.
  • Mountain Group Capital LLC
  • Franklin Templeton Services Inc
  • Aju IB Investment Co Ltd
  • Rock Springs Capital Management LP
  • Tavistock Group Inc

Total funding raised: $96 million

IPO Profile: Veritone Inc

Company Details

Newport Beach, Calif.

888-507-1737

www.veritone.com

Description: Veritone Inc is a developer of artificial intelligence (AI) platform. The company’s platform unlocks the power of cognitive computing to transform unstructured audio and video data and analyze it in conjunction with structured data in a seamless, automated manner to generate actionable intelligence. Its cloud-based artificial intelligence operating system (aiOS) integrates and orchestrates an open ecosystem of cognitive engines, together with the company’s suite of applications, to reveal valuable multivariate insights from vast amounts of audio, video and structured data. The company’s technology enables users to run comprehensive, multivariate queries, correlations and analyses in near real-time using multiple cognitive engines and data sets, integrating and refining the outputs. The company’s services and target markets include Media Agency Services, software as a service (Saas) Solutions, and Other Vertical Markets and Applications.

IPO Details

Exchange and Ticker: Nasdaq: VERI

Filing Range: 2.5 million shares @ $14 to $16

Date of IPO: 5/12/17

Offering Price: $15

Closing Price on Price on 5/12/17: $13.07

Offering Size: $37.5 million

Shares Outstanding: 13.88 million

Closing Price on 5/31/17: $13.05

Market Capitalization on 5/31/17: $181.13 million

Underwriters: Wunderlich Securities Inc

Co-manager: Craig-Hallum, Inc, Northland Securities Group LLC

Company Counsel: Morgan Lewis & Bockius

Manager Counsel: Stradling Yocca Carlson & Rauth

Auditor: Marcum & Kliegman LLP

Investment Details

  • Miramar Venture Partners

Total funding raised: $49 million

IPO Profile: Appian Corp

Company Details

Reston, Va.

703-442-8844

www.appian.com

Description: Appian Corporation provides a low-code software development platform as a service that enables organizations to develop applications. Through company’s platform, organizations can design, build and implement, enterprise-grade custom applications. Decision makers can reimagine their products, services, processes and customer interactions. The company’s platform automates the creation of forms, data flows, records, reports and other software elements. The company’s SAIL technology allows developers to create an application once and deploy it everywhere. The company’s products include business process management (BPM) software, case management, mobile application development and platform as a service. The company provides its services to a range of industries including energy, insurance, health payers and providers, manufacturing, public sector, retail and transportation.

IPO Details

Exchange and Ticker: Nasdaq: APPN

Filing Range: 6.25 million shares @ $11 to $13

Date of IPO: 5/25/17

Offering Price: $12

Closing Price on 5/25/17): $15.01

Offering Size: $75 million

Shares Outstanding: 58.69 million

Market Capitalization on 5/31/17: $1035.84 million

Closing Price on 5/31/17: $17.65

Underwriters: Morgan Stanley & Co, Goldman Sachs & Co, Barclays

Co-manager: Pacific Crest Securities Inc, Canaccord Genuity, Cowen

Company Counsel: Cooley LLP

Manager Counsel: Wilson Sonsini Goodrich & Rosati

Auditor: BDO USA LLP

Investment Details

Backers

  • New Enterprise Associates
  • Novak Biddle Venture Partners LP

Total funding raised: $48 million

Source: Thomson Reuters

Photo of taxi cabs driving past the Nasdaq in New York’s Times Square courtesy of Reuters/Andrew Kelly 

Download Data: IPO Aftermarket as of May 31, 2017