Novagali's IPO raises EUR22m
Novagali Pharma, a French pharmaceutical company specialized in
ophthalmology, has raised EUR22m in an IPO on Euronext Paris and a private
placement to institutional investors. The company, which his located in
the Génopôle biocluster in Evry, sold 6.5 million shares at EUR3.40.
This price means that the company, founded in 2000, is worth EUR55.3m
based on 16.3m outstanding shares altogether. The offering includes 843,750
shares sold in the overallotment.
Novagali is specialising in developing new drugs and methods to
deliver them into the eye. The first and only product of Novagali is already
on the market - Cationorm, a cationic emulsion to relieve dry eye sensation.
Therapies are being developed based on two proprietary delivery
technologies: Novasorb, a cationic emulsion to enhance absorption and
solubility of ocular drug administration, and
Eyeject, a minimally-invasive approach to administer active compounds
to the back of the eye.