IPO to watch
Evry – French ophthalmology specialist Novagali Pharma has raised EUR22m in an IPO on the Euronext in Paris and a private placement to institutional investors. The firm, which is located in the Génopôle biocluster in Evry, sold 6.5 million shares at EUR3.40. That price means that the company, founded in 2000, is now worth around EUR55m based on 16.3 million outstanding shares. The offering includes 843,750 shares sold in the overallotment. Novagali has specialised in developing new drugs and drug delivery for the eye. Its first marketed product was Cationorm, a cationic emulsion to relieve dry-eye symptoms. It is also developing other therapies based on two delivery technologies: Novasorb, a cationic emulsion to enhance absorption of ocular drugs, and Eyeject, an approach to administer active compounds to the back of the eye.