International businessman Eugene Melnyk (photo) is considering a number of financing options for his company Trimel BioPharma--including an IPO, Dow Jones reports. Trimel recently completed an initial round of private equity financing achieved through a limited offering, helping it raise more than C $4.5 million in new capital. Investors, including Melnyk, have contributed approximately C $18 million to the company since it began, helping Trimel make the significant pipeline advancements.
But according to the Dow Jones, the company needs another C$36 million through 2010, Bruce Brydon, president of Trimel and former president of Biovail, says. While Melnyk could continue to fund the company himself, other options include private placements, rights offerings, or going public through an IPO or reverse takeover.
This week, Trimel provided an update on the clinical development of Compleo, a product to treat male hypogonadism, a syndrome characterized by a deficiency in serum testosterone. Compleo is being developed initially for the North American and European markets. An ongoing Phase IIb trial for Compleo closed its input screening, and the company anticipates that all subjects will complete dosing by the end of the quarter. Sales of currently available treatments for hypogonadism in North America approximate $1 billion, according to a Trimel release.
A second technology platform was acquired through the purchase of a Denmark's Direct Haler in December. As part of the acquisition, Trimel has obtained three product candidates that are in clinical development. These candidates are being developed for patients suffering from allergies or asthma.
Trimel came about in 2008 after Melnyk's failed insurgent attack aimed at winning back control of Biovail. Melnyk objected to Biovail's strategy of focusing on drugs for the central nervous system.
- see the Trimel release
- read the Dow Jones coverage