Israel's NeuroDerm is developing a wearable treatment solution for patients with Parkinson's disease, and the biotech is plotting a $65 million IPO to get its lead candidates across the finish line.
The company, headquartered in Rehovot, is working through mid-stage trials on ND0612H and ND0612L, two products that mete out respective high and low doses of the Parkinson's treatments levodopa and carbidopa. Using a belt-worn pump, NeuroDerm's devices continuously administer a liquid form of the combo, replacing the invasive surgical procedures often required for particularly severe patients, the company said.
The plan is to roll both into Phase III next year, and, if all goes according to plan, NeuroDerm expects to win European and U.S. regulatory approvals in 2018.
To pay its way, the biotech plans to cash in on the Nasdaq and trade as "NDRM." Its hoped-for $65 million would augment a $16 million round closed last month, led by the Elias Group.
Beyond its two lead candidates, NeuroDerm plans to set aside some of its IPO cash to support its early-stage pipeline, including ND0680, a Phase I technology that delivers even higher doses of levodopa and carbidopa for severe Parkinson's patients, and the preclinical ND0701, which administers apomorphine for patients unable to handle the two-drug combination. The company is also working on ND0801, a Phase II treatment that combines nicotine and opipramol to treat cognitive disorders.
Meanwhile, the industry's record-setting performance on Wall Street has taken a turn for the volatile, forcing many hopefuls to delay, discount or call off their debuts. But biotechs with promising assets and clear-cut paths to success have still managed to make it out of biotech's tightening IPO window, including Sage Therapeutics ($SAGE) with its up-sized $90 million haul; Kite Pharma ($KITE) and its $128 million debut; and Zafgen ($ZAFG), which raked in $96 million to support its obesity treatment.
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