Urovant Sciences has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company intends to price its 10 million shares in the range of $14 to $16 a piece, with an overallotment option for an additional 1.5 million shares. At the maximum price, the entire offering is valued up to $184.0 million. The company intends to list its shares on the Nasdaq under the symbol UROV.
The underwriters for this offering are JPMorgan, Jefferies, and Cowen.
This is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for urologic conditions. Its lead product candidate, vibegron, is an oral, once-daily, small molecule beta-3 agonist.
The company is currently evaluating vibegron in a 1,400-patient, international pivotal Phase 3 EMPOWUR trial for the treatment of overactive bladder (OAB). Management expects to report top-line results from this clinical trial in the first or second quarter of 2019, and if these results are positive, the company plans to submit a new drug application (NDA) to the U.S. Food and Drug Administration (FDA) by early 2020.
Urovant detailed how it plans to use the net proceeds from this offering:
- Approximately $38.0 million to $42.0 million to complete our international Phase 3 EMPOWUR trial for vibegron in patients with OAB;
- Approximately $22.0 million to $26.0 million to advance through completion of site activation and initiation of patient enrollment both our planned Phase 3 clinical trial for vibegron for the treatment of OAB in men with BPH and our planned Phase 2a clinical trial for vibegron in patients with IBS-associated pain;
- Approximately $4.0 million to $7.0 million to advance through completion of site activation and initiation of patient enrollment our planned Phase 2a clinical trial for hMaxi-K for the treatment of OAB in patients who have not responded to oral pharmacological therapies; and
- The remainder to fund working capital, commercial readiness and general corporate purposes, which may include research and development of vibegron for other indications.