January 28, 2016 | Israeli drug development company Advanced Inhalation Therapies (AIT) has submitted a revised draft prospectus for its imminent IPO on Nasdaq. The company, which develops products for the treatment of respiratory infections, plans to raise $12 million gross ($8.5-9 million net) at a company valuation of $35 million. The company’s shares will be traded on the secondary Nasdaq index under the AIT ticker symbol and will offer 675,000 units at $15 a unit, with each unit consisting of two ordinary shares and three options exercisable at 125% of the price of an ordinary share in the offering. AIT plans to use the proceeds from its IPO to pay for clinical trials of its various products and exercise options for acquiring patents. Founded in 2011 and led by CEO Amir Avniel (former CEO of Rosetta Green), AIT has four products in development, one of which has been granted orphan drug status by the authorities in the US and Europe for the treatment of cystic fibrosis. The company also has products for the treatment of bronchiolitis, pneumonia, and asthma.
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