OctoPlus launches its Euronext IPO

Leiden, Netherlands-based drug-delivery specialist OctoPlus says it has launched its initial public offering on the Euronext market in Amsterdam. The firm explained that the offer period, which began on September 18, makes available new shares to the value of 25.0 million euros ($31.7 million), with a price per share in the $4.65 to $5.50 range.

The firm added that it has appointed Cowen International and Fortis as joint book runners and global coordinators, and that Kempen & Co will act as co-manager. The company said it had granted its underwiters an option to issue additional new shares at the offer price for up to 15% of the amount of the offer, including for the purpose of covering over-allotments of at least 5.0 million euros.

OctoPlus said that it would use the proceeds of the IPO to fund its product development activities, particularly in relation to: Locteron, its developmental formulation of alfa interferon for the treatment of chronic hepatitis C; OP-145, currently under development as a treatment for inner-ear infection; and its recombinant human growth hormone candidate hGH-OctoDex.