Pharvaris seeks to generate increased IPO proceeds

The Zug-based BioTech firm Pharvaris has substantially increased the expected proceeds from its IPO in the USA. According to a press release, a total of 8,270,500 ordinary shares will be made available on the Nasdaq at an introductory price of 20 US dollars per share. This equates to gross proceeds of around 165.4 million US dollars. According to information on startupticker.ch, the original plans for the IPO involved offering 6,950,000 ordinary shares at an initial price of 18 US dollars per share. As announced by the US investment firm Renaissance Capital, in its application for the IPO with the American Securities and Exchange Commission (SEC), the plans drawn up by Pharvaris were still based around gross proceeds of a maximum of 100 million US dollars.

Pharvaris, which is headquartered in Zug and operates subsidiaries in the Netherlands and the USA, has additionally granted a 30-day overallotment option to the consortium of banks underwriting the IPO, allowing them to purchase up to an additional 1,240,575 ordinary shares at the initial issue price minus underwriting discounts and commission fees.

Pharvaris is also planning to launch a Phase II study for its drug candidates to treat hereditary angioedema (HAE). Only last week, Pharvaris had reported that its Phase I study was a success, meaning that the drug can be classified as safe and well tolerated against this rare disease.