New Haven biopharma startup Trevi Therapeutics on Monday said it will offer 4.7 million shares of its common stock at $14 to $16 a share in its upcoming IPO, according to its latest SEC filing.
As previously reported, Trevi filed paperwork for the IPO with the U.S. Securities and Exchange commission earlier this month. It outlined the terms in an amendment to the filing on Monday.
The company expects to raise around $70.5 million from the sale based on the midpoint price of $15 a share, according to the amendment.
SVB Leerink, Stifel, BMO Capital Markets and Needham & Co. are lead underwriters.
The eight-year-old company, based at 195 Church St., says it will use proceeds from the sale to pay for late-stage trials of its drug for severe chronic itching.
The company has developed a new version of an older opioid, nalbuphine ER, which is not considered a controlled substance.
The money will also fund research on the drug to treat chronic cough and a drug-induced movement disorder seen in Parkinson’s disease patients.
Trevi expects to trade on the Nasdaq under the symbol “TRVI.”
***
A former CEO of UnitedHealthcare’s international division has joined New Haven specialty diagnostics firm Precipio Inc. as its new chief strategy officer.
Ori Karev will work with Precipio’s senior executive team to develop and execute its expansion strategy domestically and globally, the company announced last week.
Karev helmed UnitedHealthcare Global from 2005 to 2010 and has held leadership positions with several healthcare and insurance technology startups, according to his LinkedIn profile.
An attorney by training, he also executed numerous global M&A transactions while working at Ernst & Young and a boutique New York law firm, Precipio said in an announcement.
The company said Karev’s contacts will help it forge new relationships with healthcare organizations worldwide, noting that under his leadership, UnitedHealthcare Global expanded its operations to more than 100 countries and its headcount to more than 1,000 full-time employees.
“Ori will add to our leadership team a unique combination of talent, experience, vision and execution capabilities that will take the company to a whole new level,” said Precipio CEO Ilan Danieli. “In the few weeks we have been working together, we have already plotted new initiatives and have made great progress.”
The new hire comes as the Nasdaq exchange is moving to delist Precipio for failing to comply with its $1 minimum stock price. Precipio’s stock has traded below the minimum since March 2018.
Precipio is appealing the decision and a hearing has been set for May 2.
Based in Science Park, the company develops products that aim to reduce disease misdiagnosis. Its research partners include Yale School of Medicine and the Dana Farber Cancer Institute.
Its stock opened at 49 cents in Tuesday morning trading, after closing at 51 cents on Monday, its highest price so far this year.
Contact Natalie Missakian at news@newhavenbiz.com
