Viamet Pharma Announces Potential Pricing for IPO

By Chris Lange Updated Jan 13, 9:56AM EST · Published May 3, 11:25AM EDT

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Viamet Pharma Announces Potential Pricing for IPO — © Thinkstock

Viamet Pharmaceuticals has registered an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company intends to price its 5.7 million shares within the range of $14 to $16 per share, with an overallotment option for an additional 855,000 shares. At the maximum price the offering is valued up to $104.88 million. The company intends to list its shares on the Nasdaq Global Market under the symbol VMET.

The underwriters for the offering are Morgan Stanley, Goldman Sachs, Guggenheim Securities and Needham.

This biopharmaceutical company is focused on the discovery, development and commercialization of novel pharmaceuticals based on its proprietary metalloenzyme chemistry and biology technology platform. Metalloenzymes, which contain a metallic atom that is primarily responsible for enzyme activity, are an important class of drug targets for the treatment of a broad range of diseases.

Viamet uses its technology to design novel drugs that it expects will have significant benefits as compared to currently marketed metalloenzyme inhibitors, including greater efficacy, improved safety, more favorable pharmacokinetic properties and superior therapeutic index. This company has leveraged its technology to develop several product candidates that it believes have the potential to become best-in-class antifungal agents.
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VT-1161, the lead product candidate, is currently in separate Phase 2b clinical trials for the treatment of onychomycosis, a fungal infection of the nail, and recurrent vulvovaginal candidiasis, a recurrent form of vaginal yeast infection. In recent interim analyses of these Phase 2b clinical trials, the company observed positive results in terms of both safety and efficacy for both indications.

Viamet expects final data on the principal efficacy and safety endpoints, or top-line final data, from the ongoing Phase 2b clinical trials to be available during the fourth quarter of 2016. The other product candidates include VT-1129 for the treatment of cryptococcal meningitis, a life-threatening invasive fungal infection of the central nervous system currently in a Phase 1 clinical trial, and VT-1598 for the treatment of coccidioidomycosis, a fungal infection also known in the southwestern United States as Valley Fever, currently in IND-enabling studies.

The company intends to use the net proceeds from this offering to fund its pipeline, with the remainder being put toward the research and development of additional product candidates, working capital and general corporate purposes.

About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.