CPE News (2/20/2021) – Eupraxia Pharmaceuticals Inc. has filed a preliminary prospectus for an initial public offering of common shares.
The terms of the offering has yet to be determined. It is anticipated that the offering price will be between $9.00 and $11.00 per share for between 5,555,555 and 4,545,454 common shares for gross proceeds of $50 million.
Eupraxia Pharmaceuticals has applied to have its common shares listed on the Toronto Stock Exchange (TSX) under the symbol “EPRX.”
The offering syndicate is being led by Raymond James Ltd. and including BMO Nesbitt Burns Inc. and Canaccord Genuity Corp. Blake, Cassels & Graydon LLP and Stikeman Elliott LLP are acting as legal counsel to Eupraxia and the underwriters respectively.
Founded in 2012 by President & CEO Dr. James Helliwell, MD, Vancouver based Eupraxia is a specialty pharmaceutical company, with a focus on advancing a portfolio of drug candidates in the areas of osteoarthritis, post-surgical pain, anti-infectives, oncology and veterinary medicine.
Eupraxia’s lead product candidate, EP-104IAR, currently in Phase 2 development, is designed to meet the significant unmet medical need and market demand for long-lasting pain relief for knee osteoarthritis (OA).
Upon completion of the IPO and assuming the maximum number of shares are sold pursuant to the offering, the closing date occurs on March 4, 2021, Eupraxia will have 12,426,888 common shares outstanding or 13,176,888 common shares assuming over-allotment option is exercised in full, basing on the mid-point of the offering price range at $10 per share.
There is no person or company owns beneficially, directly or indirectly, 10% or more of Eupraxia common shares. Dr. Helliwell and Director John Montalbano are two known largest shareholders, controlling 550,000 common shares and 603,376 common shares respectively.