Biotechs and Chinese E-Commerce Firm on IPO Calendar Next Week

Print Email

A full dozen initial public offerings (IPOs) were listed on last week’s calendar, but by Friday only five of the scheduled deals had priced and begun trading. Two of last week’s potential IPOs have been postponed and four others are planning to price in the coming week. The 12th changed its listing from the Nasdaq to the OTCQB.

The companies that did make their IPOs last week were Avenue Financial Holdings Inc. (NASDAQ: AVNU), Inovalon Holdings Inc. (NASDAQ: INOV), Invitae Corp. (NYSE: NVTA), Bellerophon Therapeutics LLC (NASDAQ: BLPH) and Great Ajax Corp. (NYSE: AJX). Eyegate Pharmaceuticals began trading on the OTCQB Venture Marketplace under the ticker symbol EYEGV.

ALSO READ: MaxPoint Interactive Files for IPO

AltheaDx, a commercial stage molecular diagnostics company specializing in the field of personalized medicine, and Sol-Wind Renewable Power, a renewable energy yieldco, have postponed their IPOs.

IPO ETF manager Renaissance Capital reported that 22 IPOs have priced in the United States so far this year, down about 37% from a year ago. Total proceeds raised come to $3.9 billion, down about 43% compared with the same period in 2014. Of the IPOs that have gone off this year, 11 have come from the health care sector. Last year’s IPO total came in at $85.2 billion, the highest total in the past 10 years. Renaissance Capital does not include OTC listings or blank check companies in its IPO data.

Here is a look at the IPOs on the schedule for the coming week.

The first holdover from last week is Infraredx Inc., a cardiovascular imaging company working on the diagnosis and treatment of coronary artery disease. The company plans to offer 4 million shares in an expected price range of $13 to $15, to raise $56 million at a market cap of nearly $200 million. Joint bookrunners for the offering are RBC Capital Markets, Canaccord Genuity and BMO Capital Markets. Co-managers are Oppenheimer and BTIG. Shares are listed as day-to-day, to begin trading on the Nasdaq under the ticker symbol REDX.

ALSO READ: Did Quantum Sell Shares Too Cheaply?

Inotek Pharmaceuticals Corp., also a holdover from last week, is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies for glaucoma. The company plans to offer 4.6 million shares in an expected price range of $13 to $15, to raise $65 million at a market cap of $191.3 million. Joint bookrunners for the offering are Cowen, Piper Jaffray, Canaccord Genuity and Nomura Securities. Shares are listed as day-to-day, to begin trading on the Nasdaq under the ticker symbol ITEK.

A third holdover is AutoGenomics Inc., a commercial stage molecular diagnostics company. The company plans to offer 3.8 million shares in an expected price range of $11 to $13, to raise $45 million at a market cap of around $123 million. Joint bookrunners for the offering are Stifel, Canaccord Genuity and Cantor Fitzgerald. Shares are listed as day-to-day, to begin trading on the Nasdaq under the ticker symbol AGMX.

This week’s final holdover is Check-Cap Ltd., an Israel-based clinical stage medical diagnostics company engaged in the development of an ingestible imaging capsule that utilizes low-dose X-rays for colorectal cancer screening. The company plans to raise $14 million on the sale of 2 million shares in an expected price range of $6 to $8. At that level, Check-Cap’s market cap is $69 million. Joint bookrunners for the offering are Chardan Capital Markets and Maxim Group. Co-manager is Felt and Company. Shares are scheduled to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol CHEK.

ALSO READ: SteadyMed Files for IPO

The week’s sole new entrant is Wowo Ltd., a China-based lifestyle, e-commerce platform. The company plans to offer 6 million shares in an expected price range of $9 to $11, raising $60 million at a market cap of around $384 million. The offering is being made on a “best efforts” basis and is not tracked by Renaissance Capital. The sole bookrunner on the offering is Axiom Capital Management. Shares are scheduled to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol WOWO.