Cambridge pharma business raises €40m at IPO for US growth
Acacia Pharma Group in Cambridge UK has raised €40 million (£35.69m) via an IPO on Euronext Brussels at €3.60 per share.
The stock is due to start trading on Monday with unconditional dealings underway next Tuesday (March 6). The business, which also has US operations in Indianapolis, is using the cash for a targeted push at a specialised market in North America.
Founder and CEO Dr Julian Gilbert (pictured above) said: “The successful completion of our Initial Global Offering is a significant milestone for Acacia Pharma. The new funds provide us with a strong basis from which to build a successful US hospital-focused pharmaceutical business initially focused on commercialising our lead product: BAREMSIS® for the rescue treatment of patients with post-operative nausea & vomiting (PONV).
“The new funds will be used to build the sales and marketing infrastructure and undertake marketing, supply chain and other preparatory activities to launch BAREMSIS to the US hospital market in 2019, assuming US regulatory approval late 2018.
“The NDA for BAREMSIS is under review by the FDA following four positive Phase 3 trials. We are confident that, if approved, it could become an important new option for the 16 million surgical patients in the US annually who suffer PONV despite having received prior prophylaxis with standard antiemetics – an area where no other antiemetics have been successful in clinical studies – and in preventing PONV in combination with standard antiemetics in the 18 million patients in the US annually who are at high risk of developing it.
“Additionally, we intend to continue the development of APD403 for chemotherapy-induced nausea and vomiting (CINV).
“We are very pleased that our business plan has resonated and as a result we have added many high-quality investors in the UK, Europe and the US to our shareholder base. We believe that Acacia Pharma is now well-positioned to deliver its plans and look forward to the next phase in the company’s development.”