French Biotech Plans a $100M Nasdaq IPO to Support its Cancer-Fighting Red Blood Cells
Erytech has filed for an IPO on the Nasdaq Global Market and a private placement on Euronext Paris while preparing for its first product approval.
Erytech, based in Lyon, is developing a unique technology based on encapsulating drugs in red blood cells. The company has now announced the launch of a global offering to raise funds through an initial public offering of up to $100M (€85M) on the Nasdaq Global Market under the ticker “ERYP” and a private placement of shares, of an undisclosed amount, on Euronext Paris.
Both offerings seem to be timed with upcoming meetings with the FDA and the EMA’s CHMP to discuss the design of a Phase III study for its lead candidate, eryaspase, in pancreatic cancer. In addition, Erytech is preparing to resubmit for the European approval of eryaspase to treat relapsed or refractory acute lymphoblastic leukemia (ALL) after the first was withdrawn when the EMA requested additional data.
Erytech’s GRASPA, the commercial name for eryaspase in Europe and Israel, consists of the enzyme L-asparaginase encapsulated within donor-derived red blood cells. The enzyme depletes the amino acid asparagine from the bloodstream to starve the tumor cells that, unlike healthy cells, cannot produce their own asparagine. The treatment is under development to treat ALL, pancreatic cancer, acute myeloid leukemia (AML) and solid tumors.
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