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Betalin Therapeutics plans IPO: ceo
Posted on Wednesday, 16 September 2020 13:56
Israeli diabetes treatment developer Betalin Therapeutics is planning to carry out an initial public offering (IPO), according to the company’s chief executive.

Speaking to Reuters, Nikolai Kunicher said the move will value the business at between USD 150.00 million and USD 170.00 million and the business intends to float in either New York or London.

He added that proceeds of the listing have been earmarked for financing phase 2 and 3 clinical trials for its diabetes treatment.

According to Kunicher, a flotation is expected to occur by the end of 2021 and should be worth in the region of USD 40.00 million.

He told Reuters that, even if the upcoming trials are successful, it is likely to take five years for a final product to be ready.

Betalin’s diabetes treatment is intended to function as a kind of artificial micro-pancreas, which would be implanted into a diabetic patient’s thigh and help regulate blood sugar levels, thereby removing the need for daily insulin injections, Kunicher said.

He added that implanting could be done under local anaesthesia via a simple process.

There has already been one IPO by an Israeli provider of physical, engineering and life sciences research and development services announced in 2020 to date, according to Zephyr, the M&A database published by Bureau van Dijk.

That listing saw delayed released drug delivery technology developer PolyPid unveil plans to float on Nasdaq, raising around USD 53.13 million in the process, in June.

Outside of Israel, 80 other companies in the sector have announced plans to go public since the start of 2020.

Of those, the most valuable saw contract pharmaceutical researcher and developer PPD float on Nasdaq in February. The company listed 60.00 million shares at USD 27.00 each, thereby valuing the IPO at USD 1.62 billion.

© Zephus Ltd