IPOs

OptiNose joins the biotech IPO fiesta, raises $120M in upsized offering

A month after bagging an FDA approval of its drug/device for nasal polyps, OptiNose has taken advantage of a red-hot biotech IPO market to raise $120 million in an upsized offering.

The Yardley, PA-based biotech’s S-1 explains that it will use the cash to launch its new product into the ENT market, with plans to hire a 75-member specialty sales force to go after a target group of 15,000 doctors. And it will now go after a broader market, with trials planned for rhinosinusitis. It will list on Nasdaq as $OPTN.

OptiNose bumped up the offering from 6.3 million to 7.5 million shares, selling the stock at $16 a pop — right in the middle of the range.

Over the last few months the biotech IPO window has been wide open, with a string of debuts for startups that includes some stellar outings. And as more companies perform well, you can expect a steady string of new filings.

Jefferies and Piper Jaffray are acting as the lead joint book-running managers of the OptiNose offering. BMO Capital Markets and RBC Capital Markets are also acting as joint book-running managers for the offering. The underwriters have a 30-day option to purchase up to an additional 1,125,000 shares at $16.


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Biotech Investment Analyst
SV Health Investors Boston, MA
Director, Program Management
Contrafect Corporation New York, NY
Director, Translational Sciences
Cadent Therapeutics Cambridge, MA

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