Israeli biotechs scoop $209M as Nasdaq ATM keeps pumping out dollarsJul. 28, 2015
A trio of Israeli biotechs have bagged $209 million (€192 million) through share offerings on Nasdaq. Chiasma ($CHMA) led the way with a $101.8 million IPO, trailed by follow-on offerings by NeuroDerm ($NDRM) and RedHill Biopharma ($RDHL) that pulled in $66.9 million and $40 million, respectively.
For Israeli-American biotech Chiasma, the IPO marks the latest step in its effort to bounce back from Roche's ($RHHBY) decision to walk away from their $595 million alliance. While Roche evidently saw insufficient reasons to keep working with Chiasma as the acromegaly drug at the center of their alliance neared commercialization, investors have taken a different stance. At the start of the month Chiasma was swinging for an $80 million IPO, around $20 million less than it eventually raised. And Chiasma went on a tear in early trading, jumping by as much as 35% at one point.
NeuroDerm also has the drug development finish line in its sights. The Rehovot, Israel-based CNS specialist will use $25 million of its recent fundraising haul to push a pair of Parkinson's disease assets through late-phase trials and into the regulatory approval process on both sides of the Atlantic. Both candidates are based around the idea of using drug delivery technology to release a controlled dose of a levodopa-carbidopa formulation. NeuroDerm also has a apomorphine-based product in development that will scoop up $10 million of its cash injection.
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