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.
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
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
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
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
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 KellyÂ
Download Data: IPO Aftermarket as of May 31, 2017
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