Health and Healthcare

Viamet Pharmaceuticals Files for IPO

Chris Lange

Published: April 11, 2016 11:25 am

Last Updated: January 13, 2020 10:55 am

Viamet Pharmaceuticals has registered an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were listed in the filing, but the offering was valued up to $100 million. The company intends to list its shares on the Nasdaq Global Market under the symbol VMET.

The underwriters for the offering are Morgan Stanley, Goldman Sachs, Guggenheim Securities and Needham.

This biopharmaceutical company is focused on the discovery, development and commercialization of novel pharmaceuticals based on its proprietary metalloenzyme chemistry and biology technology platform. Metalloenzymes, which contain a metallic atom that is primarily responsible for enzyme activity, are an important class of drug targets for the treatment of a broad range of diseases.

Viamet uses its technology to design novel drugs that it expects will have significant benefits as compared to currently marketed metalloenzyme inhibitors, including greater efficacy, improved safety, more favorable pharmacokinetic properties and superior therapeutic index. This company has leveraged its technology to develop several product candidates that it believes have the potential to become best-in-class antifungal agents.

VT-1161, the lead product candidate, is currently in separate Phase 2b clinical trials for the treatment of onychomycosis, a fungal infection of the nail, and recurrent vulvovaginal candidiasis, a recurrent form of vaginal yeast infection. In recent interim analyses of these Phase 2b clinical trials, the company observed positive results in terms of both safety and efficacy for both indications.

Viamet expects final data on the principal efficacy and safety endpoints, or top-line final data, from the ongoing Phase 2b clinical trials to be available during the fourth quarter of 2016. The other product candidates include VT-1129 for the treatment of cryptococcal meningitis, a life-threatening invasive fungal infection of the central nervous system currently in a Phase 1 clinical trial, and VT-1598 for the treatment of coccidioidomycosis, a fungal infection also known in the southwestern United States as Valley Fever, currently in IND-enabling studies.

The company intends to use the net proceeds from this offering to fund its pipeline, with the remainder being put toward the research and development of additional product candidates, working capital and general corporate purposes.