2023-08-22 10:00:00
Abivax continues to take care of its cash position. The Parisian biotech, which is advancing on its flagship drug candidate, obefazimod, once morest ulcerative colitis (or RCH), has carried out two major financing operations.
One relates to a maximum amount of 75 million euros, financing subscribed with Kreos Capital and Claret European Growth Capital, the other, still for 75 M€, was subscribed with a fund managed by Heights CapitalManagement.
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“Securing this additional capital strengthens our financial position and supports our strategic priority to complete our global Phase III clinical trial for obefazimod in the treatment of UC”commented Didier Blondel, financial director of Abivax, who specifies that the cash horizon of biotech extends until the end of the second quarter of 2024.
An IPO on the ANDUnited States considered
“This gives us greater flexibility for our future funding strategy, which remains focused on the potential access to larger financial markets”he also recalled.
Already listed on the Euronext market in Paris, where its price has more than doubled since the beginning of the year, Abivax is indeed considering an IPO in the United States. The biotech has submitted a draft registration document to the Securities and Exchange Commission (SEC), the body in charge of controlling markets across the Atlantic.
A possible introduction would be “subject to market conditions”, specifies Abivax in a press release, without giving more details on the timetable, the number of shares to be issued or their price. The biotech is launched in a large phase III trial in UC, an evaluation which aims to include 1,200 patients in 600 sites in North America, Europe, Latin America and in the Asia-Pacific region.
Abivax had already raised €130 million through a capital increase, at the start of the year, to move forward with this trial, the first results of which are expected by the end of 2024. The biotech is considering a possible marketing application at by 2026. Ulcerative colitis is a chronic disease of the intestine, it would affect some 100,000 people in France. The global market for treatments for this pathology is expected to exceed ten billion dollars worldwide by 2030.
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