As of this time, despite Bisportal’s inquiries, Medivand refuses to answer the investors a simple question: what will be the price it intends to ask for in the IPO. It should be noted that the investors at all know about the offering because Kahlil Biotechnology reported it to the local stock exchange. We found no such announcement on Wall Street.
In any case, it is likely that, as in the previous recruitment in March, there will be a discount on the price this time as well. In March, Medivend raised $10 million at a 15% discount, when at that time the raising was based on a price of $1.92 per share – and the stock, of course, lost ground on the Nasdaq. That offering was on the stock exchange and gave the underwriters an option to purchase 781 thousand shares, when in the offering itself, the public was offered as -208 thousand shares.
In February of this year, the company reported a grant of $1.7 million from the US Department of Defense. The grant came after the company’s development of a treatment for severe burns among adults, which was intended for the United States Army as a non-surgical solution for treatment in the field. The same grant came after the company obtained funding in a total exceeding 70 million dollars from the American Research and Development Authority.
The products that the company is developing are: NexoBrid, a medicine for healing burns sold in Europe, to the US government and other countries, REscharEx, a medicine for healing chronic wounds which has completed three Phase 2 clinical trials for the treatment of venous ulcers and diabetic ulcers, and MW005, a medicine for non-melanoma skin cancer which is in a Phase 2/1 clinical trial in BCC skin cancer patients.
The company was issued on Nasdaq in 2014, at a price of $16 per share, and since then the stock has not stopped falling. The stock now stands at a price of $1.75 per share and a market value of $58 million.
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