OvaScience reveals plans to go public
Founded a little over a year ago, OvaScience has proposed to list its shares on the over-the-counter bulletin board (OTCBB) or other exchange. According to the Boston Business Journal, the company eventually plans to gain listing on an exchange such as the Nasdaq.
OvaScience has moved rapidly on the fundraising front since launching last year, raising $43 million in two rounds of funding with veterans of GlaxoSmithKline's ($GSK) Sirtris seeking capital to commercialize fertility treatments. The company is developing products based on the research of scientific co-founder Jonathan Tilly from Massachusetts General Hospital. The company's first product, Augment, would harness mitochondria from a woman's own egg precursor cells to enhance in vitro fertilization (IVF).
The company aims to commercialize the first product in a way that wouldn't require standard FDA reviews for new drugs, according to the SEC filing. The company hasn't met with the FDA group that determines whether the Augment product qualifies or will have to clear much higher regulatory hurdles before it hits the market, the filing says. This determination could have a major impact on the timing and cost of commercializing the product.
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