Mikko Lemola
Israeli biotech Polyrizon (PLRZ) has disclosed terms for a proposed $19M initial public offering on the US market.
Polyrizon said in a filing that it was looking to offer up to 3.1M units priced between $5.20 and $7.20 per unit, which would raise around $19M if priced at the midpoint at $6.20 per share. Each unit would consist of one ordinary share plus three warrants to buy three shares at $5.825 per share, if the units are priced at $6.20 per unit.
The deal would also include pre-funded units for buyers who would beneficially own more than 4.99% of the company’s ordinary stock after participating in the offering. Each prefunded unit would consist of one pre-funded warrant plus three warrants to buy one share apiece.
Underwriters would be granted a 45-day option to buy up top 467K additional shares and/or warrants to cover any over-allotments. Aegis Capital is serving as sole bookrunner. The company hopes to list its shares on Nasdaq under the symbol PLRZ.
Based in Tel Aviv, Polyrizon is developing hydrogel nasal sprays that can create a barrier in the nasal cavity against allergens or viruses. A development-stage company, Polyrizon reported a net loss of $711K for 2021 and no revenue.
In July, Polyrizon announced a collaboration with NurExone Biologic (TSXV:NRX:CA) to develop a intranasal delivery system for NurExone’s ExoTherapy for the treatment of traumatic spinal cord injuries. Israeli tech company Medigus (NASDAQ:MDGS) holds a 37% stake in Polyrizon.
Image and article originally from seekingalpha.com. Read the original article here.